Top 6 Parent Insights of the Financial Sacrifice of Having Kids

It’s no secret that having kids costs a lot of money as parents adjust to their new lifestyle. But how much impact do kids make on your bank account? Parents flooded a popular online personal finance forum with their opinion on the financial burden and sacrifices of having kids.

Parent Insights of the Financial Sacrifice of Having Kids

Sleep is the Real Sacrifice The top-rated comment on the forum came from a parent who said, “I miss my sleep more than I miss my money.” Another replied that they need eight or nine hours of sleep every night and have no idea how they would swing that with kids.

Expenses Shift As Kids Age Some mentioned that costs shift as kids get older, and many agreed that the older the kids get, the more expensive they can be. When kids are young, you must pay for the most significant expenses: daycare, diapers, food, and clothes.

It Depends on Your Goals “Having kids can be as expensive or cheap as you want,” one parent said. For example, sending your kids to private school, hiring a tutor, and getting them into the best sports programs costs much more than sending them to public school and signing them up for community sports teams.

Make Adjustments to Your Finances First Some users suggested that new parents begin adjusting their finances as soon as they know they have kids. If you can cut down on buying fancy clothes and getting coffee at Starbucks every day, you’ll have more money left over for your kids, and it won’t be as overwhelming.

You Need to Pay For More Space An expense many parents might not consider is that you need more space with each kid. And that doesn’t just apply to your home. You will also need a bigger car and more plane tickets for every vacation.

Don’t Forget the Little Things The little expenses add up over time too. Now instead of buying yourself a quick meal at McDonald’s, your kids need a couple of happy meals. Not to mention “Halloween costumes, cupcakes for the classroom, birthday parties, picture day at school, etc.”

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