How Are Millennial Parents Affording Children?
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- Опубліковано 11 чер 2024
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Honestly, how are millennials affording children...? As a millennial parent myself, I'm sharing some expenses you can expect and how to save money when it comes to having kids!
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I remember when I was pregnant with my little guy, I told my mom that I was going to buy his clothes second hand. She told me, "Wow, you're cheap!" But I've mostly stuck to my guns. I only outright buy clothes from a store just rarely and go to consignment or rummage sales for the vast majority of his clothes.
I buy all of my kids clothes second hand. I don’t care what anybody says. They grow out of them so fast anyways. Or stain or rip them anyways…
I will start doing this great advice I never thought about it but I'm going to start saving my money
@@Whoamiiiiiiiiiiiiit’s hard to find boys pants second hand because they destroy them but everything else is easy! We get some cool stuff too.
Good for you!!!!! So proud to see when people have this mindset. I wish I had this mindset when I was having my 2 kids.
It’s crazy. I live in the Central Valley of CA. I’m a nurse who makes 6-figures and my husband is a stay at home dad. We have 4 kids, our youngest just turned one. Things are getting so tight financially, which is crazy cause we have been doing so well for us. Inflation is ridiculous.
Before I had kids.. even married, I knew I wanted to have a baby so I started “hoarding baby clothes” in different sizes. I went a little crazy since I was thrifting them but now I am married and we have baby clothes up to size 4 which has helped with money. We also cloth diaper at night/the weekends. We have a huge diaper/wipes collection due to getting diapers every time we were paid and we gifted a lot during our baby shower. We haven’t purchased wipes/ diapers since and cloth diapering does help. Thrifting does help! I do agree saving if possible before having a baby is smart as well. We worked on our savings and even opened a baby account before we had a baby ❤
That's great to prepare so much before even having baby!
I have 2 kids right now and planning a third.
We kept most of our baby stuff from the first 2.
Id buy diapers on sale with coupons and use rebate apps. We also cloth diapered, which helped with cost.
We also buy our children’s clothes second hand or off season.
Couponing/ thrifting/ or borrowing is the way to go.
Yes we also do all of this it all adds up
Kirkland diapers (Costco store brand) are made BY Huggies brand!
Now this is a great video, thank goodness you uploaded! Love from Canada ♥️
Awww thanks so much!
So excited to hear about the upcoming bookkeeping course!
Yay!! I’m so excited too! Haha
I love your content so much. I work as an accountant at a fortune 200. I want to have kids soon and be a stay at home mom. But also want to bring some extra income home and your content inspires me.
Awwww thank you.!!
Great info!
We aren't! My husband and I postponed having kids due to our finances. We just can't afford childcare....and also can't afford to lose one of our incomes
Kids are expensive if you make them expensive.
I’d like to know how much people are spending on things like toys, brand new clothing, books, and all that extra stuff when they tell me kids are expensive
Also, if you have two kids, why do you need a 3000 square foot house? Yes housing is expensive but our homes are twice the size as back then!
That’s the problem with Millenials, honestly. Can we stop pretending people in the 70s and 80s had it easier because if you actually do your own research on economy, wages, childcare, etc it was just as bad if not worse for them compared to today. My parents didn’t have toilets in their homes til the 80s and most certainly weren’t paying hundreds of dollars for phones, computers, internet. Seriously the comparison game has to stop 🤦♀️
Exactly!!
Thank you for this. I'm getting married in 3 months and will be entering this season pretty soon!
So exciting! Congrats!
Thank you! We're even thinking about moving to Phoenix sometime in the future (I previously lived in Tucson). I would love a video on tips for moving when you have young children and how you're liking Phoenix 😊
me and my wife just want one kid, the finances scare me lol.
You can do it! It's just helpful to be prepared. :)
Thanks :)@@TheBudgetingWife
my husband and I were also practical. We know we can only have one kid if we want to provide everything he needs and then some until he graduates college. I don't want him to enter adulthood with high student loans.
We really want two, but considering one and done because of this :( our first is 3 right now
There are large consignment events such as Rhea Lana all over the us that are for children all ages and mothers
They have brand new and semi used stuff
I go four times a year because I’m near two town that’s host it and it’s been a godsend
I know there are more in general and the prices are amazing because moms sell items directly
@thebudgetingwife I need your help (trust your advice). I don’t want to spend $1000 on a stroller and $500 for an infant car seat. How do we save money in this area but still buy a quality; safe product?
It’s childcare that is out of control. I would add on consider living near trusted family to help with child care if possible.
Childcare is for sure the biggest cost to having children!
Formula for one has significantly gone up in price in recent years.
2018 I could buy a 3 pound canister at Sam's for $25 fast forward same can is $40 😲 if your lucky to get it because of the shortages still
That's crazy! The formula shortage is so scary.
I was just talking about this to my sister! I have a 4 & 6 year old and paid $13 for the rectangular small containers from target. I'm due in May and that same container is now $25!!!
@@emilydonleycpa that's insane 😢 the Sam's formula we have always used and trusted has been out of stock for going on two months we had to switch to the name brand and it's $52 for only 2 1/2 pounds. I am not able to breastfeed for a few reasons and that would have definitely saved us money but in the meantime it's definitely a big expense category up there with groceries also.
I buy the $27 40 ounces can formula from Costco every week, the Kirkland signature brand. So about $108 a month.
I had my son in 2022. I bought parents choice for $15 in Canada. Now in 2024 it’s $25. How
I’m super curious who is paying $400-$500 a month in formula? We bought Costco formula and it didn’t cost us more than $100 a month?
Some babies need special formula like hypoallergenic or amino acid.
@@OhItsHerchelene totally understand that some babies require more expensive speciality formula but that is a small percentage not most people’s budget for a baby. Probably could have worded my questions better!
Amazing that you stated the average to be $300,000. In Germany, this cost is estimated at about $100,000! Glad I moved out here! :D
I looked it up & from what I can tell it’s €148,000. This is equal to $160,000. However, the tax burden is Germany is higher than the US, so you’ll probably make up the difference of cost that way.
@@kattttt9585 Yes that's the number not including the amount of Kindergeld (child money) you get from the government, which should lower it to about 90,000 EUR which is about 100,000 USD! :)
Naja.. we still pay a lot via taxes and therefore have limited options. Ich würde mein Geld zb gerne für einen Babysitter statt für den Kindergarten ausgeben können. Geht ja aber nicht da wir alle dasselbe an dieselben zahlen
@@kristinmhowitt6305 From the government? You realize where the government’s money comes from right?
@@kattttt9585 Yes, thank you! Back home child care was much much much more expensive. I have ran all of the numbers. In Germany, I am able to afford children. At home, I wouldn't have been able to. My specific job pays better in Germany. Each person has to look at their own specific situation. My situation in my home country, the US was not looking good so I learned German and moved to Germany quite a few years ago.
Wic is very helpful
I truly wished we didn’t spend so much money (wasting away) on toys and new gadgets. What a waste! I would definitely advise to think of the big picture instead of the now. And not to mention, as they get older, we have to take into consideration of expensive clothing, shoes, tech gears for school, college tour (travel fees), travels related with their sports activities, AP exam fees, etc. The list is endless😅
When you get married, only live off your husband’s salary. Only use yours for savings or paying off debt. This is what my husband and I did, so it wasn’t a big loss when I stopped working. We weren’t ever use to two incomes.
Feminism has sold women a huge lie that having a job outside the home is the only way to have any worth in the world. Don’t buy the lie that you can’t live on one salary either. It is a choice.
My husband is a pastor, so it wasn’t like he was making big bucks or anything. I don’t feel like we have been lacking either. Again, it is a choice.
Kirkland diapers (Costco store brand) are made BY Huggies brand!