Our expenses have increased since having children. We expect expenses to continue to grow as they get older. Bigger grocery bills and more expensive activities alone will continue to become more pricey.
One of the most significant differences in pursuing financial independence with kids is the mindset shift. Ensuring that my children are in a safe and loving environment to thrive takes top priority.
There is a delicate balance between making enough money to support your family and having enough time to spend with them. I believe that spending time is the most important thing when it comes to raising children. At the same time, living a more frugal life may allow you to find a job that provides the flexibility and financial means to design the life you want.
Unfortunately, many families are paying double that per child. All of the other expenses mentioned above can also eat into monthly costs. Below are a few additional costs that may not be as obvious.
We’ve elected to put $200 per month into 529 accounts to save for college. This amount will not be nearly enough to pay for our kids’ college, but at least it’s a little something.
Our 7-year-old son loves playing sports. Right now, the costs are reasonable to sign him up for each session. However, if he continues this trend, activities will get more expensive.
We could choose not to travel and would probably achieve financial independence a few years faster, but that’s not worth it. We’ve created many great memories through our adventures and will continue to do so.