Raising Children the Cost on Parents How Much is Too Much?

I ask that question many times my self.  As a single mother raising two high school children costs are increasing.  My children and I reside in a well to do neighborhood in a small two bedroom apartment which is affordable.  Purchasing a home or renting a larger apartment to accommodate the size of my family will increase the price especially if I want to continue to live within this neighborhood.   It is a sacrifice that most parents must make for children safety and schools that offer the best education.    Raising children is a sacrifice and an investment.  Most parents believe that this investment will give them a high rate of return but as with any investments they can suffer a loss.   It is not a guarantee that my children will be successful with the amount of funds I am spending for my children’s future and in my opinion it is worth it.   Now the question is how much is too much for parents to invest on their children.   Many times parents are so focused on their expectations concerning their children’s future that they do not want to consider the negative possibility that their children may not be who they want them to be or children taking the opportunities that is handed to them.   It is understandable that there is a cost in raising a child and giving them the best may give them a stepping stone to be successful but it is not guaranteed.   Parents believe that spending on the best preschools, music lessons, dancing lessons, and sports will guarantee they will over achieve but there is a huge possibility that may not happen.  It is important for parents to understand that all this spending on their children can end up being a negative outcome.

On the other hand if parents do not earn enough that may leave a negative impact as well.  Not living in a well to do neighborhoods so children can live safely and receive a good education so the children can able to obtain the opportunities to achieve ultimate success.   Low income parents barely earn enough to afford housing, food, and clothing.  In many parts of the United States children who are in very low income levels must live in neighborhoods that are not safe and good education are limited comparing to well-off neighborhoods.  Multi parents or single parents household with little or no education have no choice to find low minimum wage employment to do what they can do support their family.   In today’s economy the increase in food, transportation, health care, clothing, and education has put a burden to so many families.   Raising children is very expensive for one and two parent household and the economy does not make any easier. 

An average amount in raising a child in an income level of less than $45,800 costs $148,320, $45,800 to $77,100 cost $204,060, and more than $77,100 cost $298,060.   These averages and costs are for one child from birth to 17 years of age not including any costs for higher education.     All the costs include housing, child care, health care, food, transportation, and cloths.  Does not include extreme circumstances has for high medical bills or private schools.   These amounts are very telling the higher the parents earn the more a parent will spend.  It is very important because many parents who can afford to spend more on their children spend too much and it may not be necessary but on the other hand parents who do not earn enough can not give their children opportunities compare to other children.   

It is true many parents do spend too much, but to them their children is worth any amount of money to give their children the stepping stone so they can achieve but must realize it is not a guarantee.  I believe it is worth it for the sake of my children.   I work full time and I attend part time at a University to earn a Bachelors degree in Accounting so I can have the opportunities to earn more than $27,000 a year.  I make this sacrifice for the sake of my children’s success.  To open the doors for my children and help them with their higher education if it is needed as long as I understand I am making this effort so I can give them the best but realize that I may not get a high rate of return but I may loose my investment.   

Reference:

http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/RaisingYour290000Baby.aspx