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  1. #1
    Registered User Senior Member
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    What amount of money would you save to raise a kid?

    What amount of money should a person save in order to provide their baby a comfortable living? Let's look at a 5 year timeframe. I currently earn $75k annually and I am 32 years old.

    Last edited by Frank C; 03-10-2015 at 09:23 AM.

  2. What amount of money would you save to raise a kid?
  3. #2
    Registered User Semi Pro Member
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    To raise a kid so they finish high school you'll likely have expenses of more than $240,00 for one child source:]. For two kids it moves up about another $50,000, not two-times as much.

    To save for a baby they say you should have $2500 to $12,000 based on medical insurance and deductibles.

  4. #3
    Registered User Semi Pro Member
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    From Tina's figures you shuld be fine with that type of salary. Most of the expenses happen during the early years. I would save money early especially for college or private schools. Currently in UC colleges in California there is an admission limit even if you quaify since the state is not being approved for additional funding.

  5. #4
    Registered User Semi Pro Member
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    5 years before you have a kid? I think you are safe with that type of salary in most cities but maybe not in a high cost city. Although we don't know your other expenses so that needs to be factored in as well to give a solid answer.

  6. #5
    Registered User Semi Pro Member
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    It also depends on if your kid likes or wants those trendy electronic gadgets like their peers.

  7. #6
    Registered User Semi Pro Member
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    Nice age to be for sure. I am in my mid-30s. The most trying years are the first few then it's gravy from what my sister tells me.

  8. #7
    Registered User Senior Member
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    The first few years are the most challenging financially and emotionally. You must be prepared to spend more and get less in terms of sleep, leisure time for social activities and personal relationsips. If you can schedule it in with a plan you'll do a lot better than someone who has no plan.

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