10 Rising Costs of Raising Kids Today
Starting a family today is very different from doing so three decades ago. There are fewer marriages and even fewer people choose to have children. And it is not only a matter of lifestyle choice! Whether we like it or not, children today come with additional expenses that are not minor. Bringing a life to this world and raising a kid has a price and although most people don’t mention it, it is much higher than you expect. There are some current trends every future parent should know. So let’s take a look at the ten problems parents need to consider before having children.
Kids can cost you your dream house
The cost of raising a child from birth to age 17 for middle-income families could easily calculate to over $200,000 keeping in mind the cost of private schools and nurseries, let alone after-school activities. An apartment could still be bought for $200,000 in Dubai, which means couples should consider increasing their savings. Higher-income families spend even more on their children, while families with more kids spend less per child. Of course, having only one child is best for your finances, but if you have three or more, you will spend less for each one of them.
Delivery costs much
Delivery or a cesarean-section cost usually depend on the health insurance, but a big percentage of the total cost still comes from out-of-pocket costs by the patients. In addition, the paid leave for new mothers (or fathers) is not clarified by many companies until today, so parents often lose wages for several months in order to take care of the new born. Motherhood also influence the wage. Even a decade after giving birth, mothers earn less than women without kids, because they are often busier at home and therefore less productive. Many women are still not insured, and many who purchase their insurance plans don’t have maternity coverage included. Working for a large international company is a privilege in many cases, as full insurance is often provided.
Parenting may bring you depression
Researchers found that parents suffer from depression more often than adults without kids. According to the scientists, the happiest adults are married people without children who earn from $50,000 to 70,000 on average. Of course, parents always worry about their children and face many challenges while taking care of them. But another study on Danish people shows that childless men have a four times higher risk of dying of premature death than fathers. And childless women’s rate is twofold higher. So, it’s not so bad, after all.
The cost of day care services has increased
At least 20% the total cost of raising a child is spent on day care services or nannies and the fees for both are on the rise. In fact, the average annual price of full-time child care may be equal or even higher than the annual school tuition.
Kids can’t manage allowance money
Few parents try to teach their children a responsible attitude towards earning and spending money. Children will often spend everything they have on candies and toys or latest gadgets, without being able to save a bit for some larger purchases. So, it’s a good idea to give them pocket money only after doing chores, for instance. So, they will learn where the money comes from.
Do you have a favourite child?
Most parents won’t admit it, but it is common to love one kid more than the others. At least this is what a British study found this year – 28 percent of fathers and 34 percent of mothers say they have favorite kid. And this can be very damaging for children, say psychologists. Many “favourite kids” forget their identity in attempt to please their parents even long after they have grown up.
Prepare for broken phones and tablets
More than half of the parents admit their kids broke their phone, laptop, or tablet. Children adore electronic gadgets, and let’s face it, many parents would use a game on the smartphone to calm them down for 15 minutes. Don’t let them play games while eating and make sure they are old enough to take care of their own gadgets before buying them one.
You are responsible for kids’ excessive screen time
Most parents let their children watch TV or play games for hours, although they prefer giving them toys. The truth is, phones, computers and TV are much more engaging than playing outdoors with friends. And besides, when your child spends his time in front of a video game, you don’t have to worry, not so much anyway. The thing is that kids learn from parent’s example and now a big number of younger parents play video games with their children. However, try to choose more educational TV shows and games instead of purely recreational or violent ones.
You are less likely to have grandchildren than your parents
Studies reveal that there is worrying trend among today’s young people and children – they are less likely to have their children of their own. A 2010 Pew Research shows that 40 years ago one in ten women were childless, while today, one in five never has kids. One in five men, ages 40 to 44 years, also has no children. Among the Emiratis families, the decrease of number of children is somewhere between 6-% and 80%. If until 15 years ago, an average family had 6 or 8 children, nowadays young couples have plan only two.
Is there an end of bills at all?
Most families pay for kid’s college, which often means spending a huge amount of money. Four years of attending college may cost you $100,000 and even $20o,000. Most of the families still pay for college on their own and many take loans. And this is one of the main reasons why millions of young adults aged 18 to 34 years live with their parents nowadays, which was unthinkable 30 years ago.
