Our expenses have increased since having children. We expect expenses to continue to increase as they get older. Bigger grocery bills and more expensive activities alone will continue to become more pricey. We do our best to keep lifestyle inflation in check but it gets harder with a growing family.
One of the biggest differences in pursuing financial independence with kids is the mindset shift. Ensuring that my children are in a safe and loving environment that allows them to thrive takes top priority.
Many families are paying double that per child. All of the other expenses mentioned above can also eat into monthly expenses. 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 isn’t going to 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 on 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.