The Real Cost of Kids | Volume 8

Missoula, Montana

It takes a village... and a whole lot more. We asked real parents to share a peek behind the curtain, from daycare that costs more than their mortgage to the surprising economics of buying berries in bulk.

Where do you live? (City, State)

Missoula, Montana

What is your annual household income?

$170,000

How many kids do you have, and what are their ages?

I have one 4-year-old daughter.

What is your relationship status?

Married

What is your estimated cost of childcare annually? This includes after-school care, summer camps, and care for older kids. Please indicate type of care and approximate total annual expense.

$18,000

What is your monthly cost of housing? (rent/mortgage, utilities, property taxes, etc.):

$2,400

Estimated monthly cost of child-related goods? (diapers, formula, groceries, toys, clothes, etc.)

$200 without groceries, $1,500 with groceries for household

Estimated monthly cost of education? Please indicate grade/type of education and annual expense.

$10,000 for private school included in cost above. This cost goes to $17,000 next year as our daughter enters pre-K.

Estimated cost of child-related activities on a monthly basis? (think classes, sports, lessons, extra-curriculars, etc.)

$75 for ballet

Estimated monthly cost of family fun activities and outings?

$200 (butterfly house, ice skating, carousel, etc.)

Do you have any college savings or investment accounts set up for your kids? Please share which kind and how much goes into them monthly.

Yes, we put $1,000 annually in at her birthday.

How much of your household income is left to save or invest each month?

$2,000

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Total Average Monthly Spend:

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What has surprised you as the most expensive part of having kids?

Definitely childcare, secondly, shoes! New shoes are as expensive as adult shoes and they size out every 6 months.

Has having children affected your career choices or earning potential? If so, how?

I used to be really career driven, having a child showed me my priorities lie with my family. I love my job, but I could make more at a different company. I stay because of the flexibility and work/life balance it provides.

Did you or your partner take parental leave? If so, was it paid or unpaid?

I took 12 weeks unpaid, however I had Aflac short term disability coverage, and vacation/PTO which covered all of my leave. My husband took 2 weeks unpaid leave, covered by his vacation.

How much sleep do you get per night on average?

8 hours

How has having children impacted your social life and personal relationships?

It's harder to get together with friends, but I still prioritize that time.

What hobbies or activities have you had to give up or significantly reduce since having children?

Specialty gyms, and "rotting"… I don't have time for that.

What aspects of parenting do you find most rewarding, despite the costs?

Playing with my daughter, seeing her learn and grow. Introducing her to new things, and having her speak knowledgeably about life.

How has having children affected your mental health and stress levels?

Yes, I had postpartum anxiety that took a while to overcome. Now, I have really learned to fill my cup, before reaching to fill others.

If you could go back in time, would you have done anything or prepared differently before having kids?

Not necessarily. I had my daughter at 28. I had always thought I would have kids younger (early 20s) and I am SO glad I waited. That would be my advice—There's no rush, be selfish a little longer.

What’s one piece of financial advice you’d give to new or expecting parents?

It's amazing how many things you feel like you NEED for your new baby, then never use. My advice: ask a fellow mother if their child used the product before purchasing it. And try to get second hand items, as they are usually barely used, and your kid will also grow out of them or that phase quickly.

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Want to share your own? Fill out this anonymous survey to be included in a future edition of The Real Cost of Kids.

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