Modern Parenting Is Expensive: How Are Parents Meeting The Challenge Amid Rising Cost?
Any parent will agree to raise kids is hard and it's also expensive, especially among modern parents who rely on technology and innovation. There are some benefits to enjoying these as it can make lives easier and comfortable.
Modern parents raising a family, however, also need to raise their standards of living and expectations to keep with the times. Spending for a child in big amounts starts rather early, too, as per Star 2. The expenses pile up long before a child learns to speak properly.
For instance, it's unusual for Generation X and Baby Boomers parents to enroll their kids in different classes or extra-curricular activities before the child is five. Modern parents, on the other hand, fill up their children's schedule early on, even as toddlers.
Kids as young as two in today's modern parenting are in academic classes, enrichment therapies, or music and sports programs. This is a common thread among modern parents because they want their children exposed to different activities as soon as possible.
These classes and programs rack up the family's monthly bills. When the children become a lot older, the expenses also add up because their needs change and add up as well. They will require laptops or tablets, more music instruments, sports equipment and other tools to aid in their learning and growth.
The rising cost of raising a modern family is one of the reasons why modern households have two income earners, compared to families from the '60s, '70s or '80s whose fathers worked and mothers stayed at home. These days, it's more common to find both parents work, and sometimes work with two jobs, to meet the demands and ensure the kids live comfortably.
In 2013, the U.S. Department of Agriculture estimated an average middle-income family in America spends $304,480 in a given year, as per Forbes. This projection was good for a child until 18-years-old and it still doesn't cover expenses for higher education.
Parents, how do you manage your expenses in today's modern parenting landscape? Care to share some tips for other parents? Sound off in the comments below.