Raising Children and the Mini Money Pit — Real Advice for Real Life from the American Nanny
Real Advice For Real Life
Parenting Expert Advice from Author and America’s Nanny,
THE MINI MONEY PIT
It’s no surprise that raising a child is costly, but some well to do parents are taking this cost to a whole new level, easily dropping $1 million to raise their child from birth to age eighteen.
With the trend of designer nurseries, custom made bedding, night nurses, day nannies, pimped up prams and boutique baby wear, it’s easy to drop a few hundred thousand in the first year alone.
And with competitive nursery school slots costing more than a public college education and private lessons for everything from French to horseback riding lessons, the cost of raising an upper crust child through the preschool years can be more than many average working parents earn in a lifetime.
How Much are You Spending to Raise Your Kids?
With a specialist on hand to cover everything from etiquette education to behavior coaching, todays wealthy parents are finding more and more ways to spend money on their kids.
But if they have it, should they flaunt it? It is their money, after all.
If the well isn’t in jeopardy of drying up, why not? Because the problem is that the growing trend of spending elaborately on their children isn’t limited to the rich and famous.
What starts out with having the must have $800 Bugaboo stroller quickly turns into a habit of parents spending way beyond their budget. And parents are having a hard time differentiating between must haves and want to haves.
Sports for Kids Expensive
And when their seven year old has an interest in playing hockey, parents are hard pressed to turn the request down, even know they can not afford the thousands of dollars in equipment, ice time and team traveling expenses.
But it’s private education that is driving the inflating cost of childrearing. Although on paper a family can’t afford the $12,000 annual preschool tuition, families are determined that they will find a way to make it work.
Do You really Need to Spend…
Cleary parents want their children to have the very best, but is remortgaging the house in the name of furnishing the kids room with designer décor really worth the cost?
And with recent estimates citing that dual income families earning $38,000 – $64,000 a year will spend nearly $270,000 to raise a child from birth to age 17, even this seems more than many families could ever afford.
So when it comes to spending on the kids, sometimes less can be more. Stick within your budget and although it’s okay to splurge once in a while, avoid splurging as a way of life.
Get what you need, and do what you can, when you can.
Michelle is an active member of the nanny community. She is the founder and president of Boston Area Nannies, Inc., a local non-profit educational organization and has served on the International Nanny Association Board of Directors.
She is called on by the media as a nanny and parenting expert and has been affectionately dubbed America's Nanny. Michelle has appeared on television and has been featured in print.
Podcast of Interview with
Books by Michelle LaRowe
A Mom's Ultimate Book of Lists: 100+ Lists to Save You Time, Money and Sanity - Grocery lists. Checklists. To-do lists. Lots of people love--and live by--lists. And parents are no exception. Today's families are busier than ever, and moms don't have the time or energy to search and scramble for the parenting information they are desperately seeking. This handy, practical reference guide will save time, money, and sanity for today's busy women.
Working Mom's 411 is your one-stop resource guide for navigating through the often choppy waters of managing kids, career and home.
Nanny to the Rescue - America's nanny offers a large dose of healthy parenting advice with secrets for raising happy, secure, and well-balanced babies and toddlers.
Nanny To the Rescue Again - Faced with multiple choices regarding school, friends, and activities coupled with the ever-widening influence of the outside world, parents of 6-12-year-olds need help. America's nanny is back to offer a large dose of healthy parenting advice with secrets for raising happy, secure, and well-balanced children.
To learn more, visit www.michellelarowe.com
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