The Cost of Kids

Years ago, an old college buddy called me. At the time, we had two children, and he and his wife had been married for a couple of years. They were thinking about having children.

Now, this guy was the ultimate financial planner/worrier. Even in college, he was thinking about life 40 years out and looking for ways to make more money. He sold knives, was in a multi-level marketing program, waited tables, traded stocks – all while a full-time college student.

His wife really wanted kids, and he said he did, too. But he also did the research and calculated the cost of having a child. He said something to the effect of, “A child costs one-half of a million dollars, from birth through college. That’s a lot of money, and we don’t make that much. How can we rationalize having a child?”

My first response was to remind him that God provides. I went through some scriptures (similar to what Clint Archer wrote in How Much Does a Kid Cost?). I shared how God had provided for us, and that we were never in want, despite the becoming a one-income family and adding two kids. I shared the times when we received unexpected money in the mail, from family members, tax rebates, and dividends for stocks that I didn’t even know we owned.

He knew these truths, that our God is sovereign. He knew these verses, but he still was struggling. He needed something more practical.

So, I responded to his continued doubts. I told him, “Hey, I tell you what. Don’t have a kid. Don’t have any kids, and find me in 18 years. I want to see the million dollars, or even hundreds of thousands of dollars, in your bank account. Guess what? It won’t be there. Because just like God always finds a way to provide for our family when we need it, we always find a way to expand our lifestyle into our income.”

Silence. 

He calmly said, “That’s a good point.” And that was pretty much the end of their conversation.

Fast forward to 2012.

This couple now has three beautiful children, and one more on the way.

Related Links:

• What We Spend -- and Don't Spend -- to Raise a Child    
• Money Makes Parenting Less Meaningful (Society for Personality and Social Psychology)
• Should You Wait to Have Kids Until You Can Afford Them? (True Woman)

**image courtesy of svilen001 via sxc.hu