Editor: Crass Cash
Congratulations to all those who reproduce! You make our species sustainable.
So how much does this cost? We'll heard how it costs us $250,000 to $500,000 to raise one child depending upon where you live and also whether you help put them through college. I don't have a child, but from what I've read from other bloggers this is a fallacious number.
A huge part of the cost is housing. Well unless you're planning on living in a 1/1 your entire life this is shit. It almost shouldn't be counted at all. Not to mention when they move out and you downsize you get your appreciated money back.
The food will in the beginning will be minimal, especially if you're lucky enough to breast feed. Of course this will grow over time, along with their clothing bill. But while they're young and don't care about what they wear (I still don't), almost all of this stuff could be bought at goodwill or it could be given to you by friends and family.
After school activities will cost more money along with the miscellaneous. With that said, according to other frugal bloggers they say it costs between $300 to $350 to raise a child. However, I believe the oldest of the two is 8 and he fully recognizes that it will cost them more as he ages. The other is only two and is saving for his child's education where as the other is not. That decision is up to you. BUT NEVER PUT YOUR RETIREMENT BEHIND YOUR CHILD'S COLLEGE EDUCATION FUNDING. There are no scholarships or loans for retirement!
When it comes to money and children. Be creative! It's never too early for them to start learning about money. I had a checking account and allowance/chores when I was in 1st grade. It was a very valuable experience. The earlier they learn the basics the further along they'll be when they get older and the less mistakes they'll make.
The school system teaches virtually nothing in regard to personal finance. It's up to you! Good luck!