How has kids affected to you financially?

Question

Retirement savings? Emergency savings? Paying bills on time?

How has your life changed financially since your first child?

How have you managed and how do you do things differently compared to your childless years?

Answer 1

Things were tight in the begining but now that she's older 17 months things are easier. Now we're expecting our second daughter and we're budgeting for that as we speak. I think that if you have budget than you're less likely to worry about money.

Answer 2

Oh dear to be honest.....we are just making it through,no savings, but we do own the land we live on.We have had six children and we are not the greatest of budgeters,so I would say get that together at the onset.
We have survived with less than most people but on one income. Having said that I would not swap our family for a more comfortable life. My children have the incredible privilege of growing up with their needs met but not spoilt and that has made them more compassionate loving people. The eldest four have all gone into study/work that is people orientated (mainly health/medical) and they are balanced and not afraid of hard work. all of them had part time jobs as teenagers.
We managed by spending less on ourselves, budgeting and saying no. We have always paid our bills, but hoping now that we have just two at home we may be able to start saving!! If we can do it most people can and especially with less children. All the best.

Answer 3

Of course they are expensive, so are adults. I suppose we save some money by eating more at home or quick restaruants and less at the fancy ones, but mostly daily cost are more expensive. Diapers ans such are huge the first few years then it eases up till they are teens.

We are never late with bills and still do retirement savings. We now have 3 small college accounts too. The emergeny savings has lessened, as has goofy spending.

That's us in a nutshell.

Answer 4

I couldn't tell you, I only lived a year without a kid. Before that I was 17. I always had kids and God has always provided everything we need. I'm glad I never got used to being selfish, that would be a tough transition.

Answer 5

Before kids I bought what I wanted when I wanted. Now I think before I spend. Try to save something for their futures.

Answer 6

great since I put them to work sewing jeans in the basement. Just kidding, child slave labor is no laughing matter. Trafficking humans, now thats comic gold!

Answer 7

Kept me in the poor house.

Answer 8

they do take money but they can pay for there own college I did it on my own