Can We Afford Kids? How to Have the Money Talk Before Starting a Family

Wondering if you can afford to have kids? Learn the real costs of raising children, how to have the financial conversation with your partner, and how to plan for parenthood without going broke.

⚠️ Important Relationship Advice Disclaimer: This content is for educational and informational purposes only and should not be considered professional relationship counseling, therapy, or mental health advice. Relationship dynamics are highly individual and complex, involving unique personal histories, attachment patterns, mental health considerations, and interpersonal dynamics that require personalized professional guidance. The information provided here does not constitute professional counseling or therapy and should not be relied upon as a substitute for qualified mental health care. If you are experiencing relationship distress, mental health challenges, patterns of unhealthy relationships, or emotional difficulties, please consult with a licensed therapist, relationship counselor, or mental health professional who can provide personalized support tailored to your specific situation. Every relationship situation is unique and may require specialized professional intervention. The strategies discussed here are general in nature and may not be appropriate for all situations, particularly those involving abuse, manipulation, or mental health crises.

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Quick Answer:

The average middle-class family will spend approximately $310,605 to raise a child from birth to age 18, according to USDA data—and that doesn't include college. But "can we afford kids" is the wrong question. The real questions are: Can we afford the lifestyle changes kids require? Are we willing to sacrifice other financial goals temporarily? Do our incomes support one parent potentially reducing work hours? Can we handle the immediate costs (pregnancy, delivery, childcare, baby gear)? The financial conversation before kids should cover: who will provide childcare and career impacts, how much you'll budget monthly for child expenses, whether you'll sacrifice retirement savings or other goals, how you'll handle loss of income if someone stays home, and what happens if pregnancy/parenting is more expensive than expected. Most parents say you're never "ready" financially—but you should at least have: health insurance, emergency fund, stable income, and agreement on major childcare/career decisions before trying to conceive.

The Question You're Both Thinking

You're at that point in your relationship where kids are on the table.

Maybe:

You're newly married and discussing timelines
You've been together for years and biological clock is ticking
One of you is ready and one is hesitant
You both want kids but worry about money

And someone asks the question:

"Can we afford to have a baby?"

Followed by:

"Should we wait until we're more financially stable?"
"How much do babies actually cost?"
"What if we can't give them everything we want to?"
"Will we have to give up our lifestyle completely?"
"Can we do this without going into debt?"

And underneath those questions:

Fear that you'll never feel financially "ready"
Worry about losing your current quality of life
Anxiety about being good parents on a limited budget
Conflict between biological timeline and financial timeline
Guilt about putting money before family
Resentment if one partner is holding back for financial reasons

Here's the reality:

Very few people feel "financially ready" for kids.

But some level of financial preparation prevents you from drowning.

Let's figure out how to have this conversation and make a plan that works for both of you.

The Actual Cost of Raising Kids

Let's start with the numbers. Real, researched numbers.

The Big Picture:

According to the U.S. Department of Agriculture's most recent report, a middle-income family will spend approximately $310,605 to raise a child born in 2015 from birth through age 18.

That's:

About $17,000 per year
About $1,400 per month
And that DOESN'T include college

Add college costs (average $104,000 for public in-state 4-year degree):

Total: $414,605 per child

Breakdown by Category (Annual Average):

Housing: $3,960/year
Bigger space needed, more bedrooms, moving to better school district

Food: $2,040/year
Groceries, formula/baby food, school lunches, snacks

Childcare/Education: $3,180/year
Daycare, preschool, after-school care (this is HIGHLY variable—can be $10K-$30K+ annually in cities)

Transportation: $1,860/year
Bigger vehicle, car seat, extra trips, activities

Healthcare: $1,560/year
Insurance premiums, copays, prescriptions, dental, vision

Clothing: $720/year
Kids outgrow everything constantly

Miscellaneous: $1,080/year
Toys, activities, sports, birthday parties, technology, school supplies

The First Year Is Especially Expensive:

One-time/first-year costs:

Pregnancy and delivery: $4,500-$10,000+ (with insurance)
Crib, changing table, dresser: $500-$2,000
Car seat and stroller: $300-$1,000
Diapers first year: $550-$900
Formula first year (if not breastfeeding): $1,500-$3,000
Clothes/baby gear: $500-$2,000
Childcare deposit and setup: Varies

First year total: $15,000-$30,000+

The Hidden Costs Nobody Mentions:

Lost income if parent stays home or reduces hours:

Potentially $30,000-$80,000+ annually
Lost career advancement opportunities
Reduced retirement contributions
Social Security earning credits

Career disruption costs:

Re-entry to workforce at lower level
Skills gap from time away
Reduced lifetime earnings

Opportunity costs:

Can't save as much for retirement
Delayed home purchase
Put off other financial goals
Reduced travel and entertainment

Mental load costs:

Time spent managing childcare, doctor appointments, activities
Reduced productivity at work
Stress affecting health

The real cost isn't just the direct expenses.

It's the complete restructuring of your financial life.

Can You ACTUALLY Afford Kids? The Real Questions

"Can we afford kids?" is too vague. Here are the specific questions you need to answer together:

Question #1: Who Will Provide Childcare and What Does That Cost?

Options:

Both parents work full-time, use daycare:

Cost: $10,000-$30,000+ per year depending on location
Pros: Both keep careers and income
Cons: Expensive, less time with baby, stressful logistics

One parent stays home:

Cost: Loss of that parent's income (potentially $30K-$80K+)
Pros: No childcare cost, parent with child
Cons: Massive income loss, career disruption, financial pressure on working parent

One parent works part-time:

Cost: Reduced income + some childcare costs
Pros: Balance of income and time with child
Cons: Neither full income nor full time with baby

Family member provides childcare:

Cost: Potentially free or low cost
Pros: Save money, family bonds
Cons: Dependent on family, potential boundary issues

You need to decide:

Who will provide childcare?
How will that affect your income?
Can you afford the income loss or daycare cost?

Question #2: Can You Handle the Immediate Costs?

Do you have:

✓ Health insurance that covers pregnancy and delivery?
✓ $5,000-$15,000 for pregnancy/delivery/immediate baby needs?
✓ Emergency fund (ideally 6 months expenses)?
✓ Ability to furnish nursery and buy baby gear?
✓ First month of childcare cost if using daycare?

If you can't handle the immediate costs, you're not ready yet.

Question #3: What Are You Willing to Sacrifice?

Having kids means giving up or reducing:

❌ Discretionary spending (eating out, entertainment, hobbies)
❌ Vacations (or at least expensive ones)
❌ New cars, home upgrades, luxury purchases
❌ Aggressive retirement savings (temporarily)
❌ Social life flexibility
❌ Personal time and freedom

Are both of you willing to make these sacrifices?

Question #4: What Happens If One Income Disappears?

Can you survive on one income if:

One parent decides to stay home
Pregnancy complications force time off work
One parent is laid off
One parent wants to work part-time

If you absolutely need both incomes with no flexibility, kids will be extremely stressful.

Question #5: Do Your Incomes Support Your Desired Lifestyle with Kids?

The math:

Current combined income: $___________
Minus childcare cost or lost income: $___________
Minus child expenses ($1,400/month): $___________
= What's left for everything else

Can you live on what's left?

Question #6: What If Things Cost More Than Expected?

What if:

Delivery has complications (extra medical bills)
Baby has health issues (ongoing costs)
Childcare costs more than budgeted
You need bigger house sooner than planned
One parent can't return to work as planned

Do you have cushion for the unexpected?

These are the real questions.

Not "can we afford kids in theory" but "can we afford the specific reality of our situation."

The Conversation: How to Talk About This with Your Partner

This is one of the biggest conversations you'll have. Here's how to do it productively.

Script #1: Opening the "Can We Afford Kids" Conversation

When to use it: You're ready to start discussing kids seriously

What to say:

"I think we need to have a real conversation about the financial side of having kids. Not to scare ourselves out of it, but to go into this with our eyes open.

I want kids [or I think I want kids / I'm not sure yet], but I also want to make sure we're setting ourselves and our future child up for success, not financial stress.

Can we sit down and actually run the numbers? Look at what kids cost, how it would affect our budget, who would handle childcare, all of it?

I'm not saying we need to be rich to have kids. I just want us to have a plan."

Script #2: When You Want Kids But Your Partner Says "We Can't Afford It"

When they say: "We can't afford kids right now."

Your response:

"I hear that you're concerned about money. I am too. But I'm also worried that if we wait until we feel 'financially ready,' we'll never have kids. No one feels completely ready.

Can we talk about what 'financially ready' actually means to you? What specific financial goals or milestones do we need to hit?

And can we create a timeline? Like, if we achieve [X financial goal] by [date], would you feel more comfortable trying then?

I don't want to pressure you, but I also need to know this isn't you kicking the can down the road indefinitely because you're actually scared about parenthood itself, not just money."

Script #3: When Your Partner Wants Kids But You're Worried About Money

What to say:

"I know you're excited about having kids, and part of me is too. But I'm genuinely scared about the financial impact.

I've been looking at the numbers, and kids are expensive. I'm worried about:

[Be specific: losing your income if you stay home / affording childcare / giving up our financial goals / going into debt]

I'm not saying no to kids. I'm saying I need us to have a solid financial plan first. Can we work on that together?

What if we:

Save $X for baby expenses and delivery
Build our emergency fund to $X
Figure out childcare plan and costs
Create a baby budget

Once we have that plan, I think I'll feel more confident about moving forward."

Script #4: When You Disagree About Lifestyle Sacrifices

The issue: One person is willing to cut back dramatically, the other isn't.

What to say:

"I think we have different ideas about what having kids means for our lifestyle.

You seem to think we can keep living pretty much how we live now. I think we'll need to cut back significantly on [eating out / vacations / discretionary spending / whatever].

Can we get on the same page about what we're willing to sacrifice? Because if we're not aligned on that, we're going to fight about money constantly once the baby comes.

Let's create a realistic budget showing what changes and what stays. Then we both need to agree that we can live with those changes."

Script #5: When Timeline Is Getting Urgent

What to say:

"I need to be direct with you. I'm [age] years old, and if we want biological children, we don't have unlimited time.

I understand your financial concerns—I share them. But I'm facing a biological deadline that you're not.

Can we make a decision here? Either:

We commit to trying by [date] even if finances aren't perfect, OR
We accept that we're choosing not to have biological kids

I need to know which direction we're going. I can't wait indefinitely for the 'perfect financial moment' that may never come."

For couples navigating the complex decision of when to start a family while balancing financial concerns, Fighting for Your Marriage: Positive Steps for Preventing Divorce and Building a Lasting Love offers communication frameworks for making major life decisions together while maintaining relationship health.

Creating Your "Kids Budget" Plan

Once you've decided to move forward, create an actual financial plan:

STEP 1: Calculate Your Current Financial Picture

Monthly take-home income (both partners): $__________

Current monthly expenses: $__________

Current monthly savings: $__________

Emergency fund: $__________

Debt: $__________

STEP 2: Project Your Income with Kids

If both working with childcare:

Partner A income: $__________
Partner B income: $__________
Childcare cost: - $__________
Net household income: $__________

If one parent stays home:

Working partner income: $__________
Stay-home parent income: $0
Net household income: $__________

If one parent goes part-time:

Full-time partner: $__________
Part-time partner: $__________
Reduced childcare cost: - $__________
Net household income: $__________

STEP 3: Add Child-Related Expenses

Monthly costs:

Housing increase: $__________
Food increase: $__________
Healthcare increase: $__________
Diapers/formula/supplies: $__________
Clothing: $__________
Activities/misc: $__________
Total monthly child costs: $__________

STEP 4: Calculate What's Left

Net income (from Step 2): $__________
Minus child costs: - $__________
Minus current bills (housing, utilities, insurance, etc.): - $__________
= Available for everything else: $__________

Can you live on what's left?

STEP 5: Build Your Baby Savings Fund

What you need before baby arrives:

Delivery/medical: $__________
Baby gear: $__________
Nursery setup: $__________
Childcare deposit: $__________
3-month buffer: $__________
Total needed: $__________

Monthly savings needed to reach goal by [date]: $__________

STEP 6: Identify What Gets Reduced or Paused

While saving for baby and first few years:

❌ Aggressive retirement saving (reduce to minimum, temporarily)
❌ Vacation fund
❌ Entertainment budget
❌ New car savings
❌ Home improvement projects
❌ Discretionary spending

Both partners must agree to these sacrifices.

Having an actual plan removes the "are we ready?" anxiety.

You'll never be COMPLETELY ready, but you can be PREPARED.

When You Legitimately Can't Afford Kids Yet

Sometimes the answer really is "not yet." Here's what to do:

Financial Milestones to Hit First:

✓ Stable employment
Both partners employed with stable income (not new jobs, not gig work unless very established)

✓ Health insurance
Good coverage that includes maternity and pediatric care

✓ Emergency fund
At minimum $5,000, ideally 6 months expenses

✓ Manageable debt
High-interest debt paid off or under control

✓ Housing security
Stable living situation (own or long-term lease) with space for baby

✓ Childcare plan and funding
Know who will care for baby and can afford it

Timeline Planning:

If you need to wait, create specific milestones:

"We'll start trying for kids when we have:

$10,000 emergency fund ✓ Target date: __________
Debt under $15,000 ✓ Target date: __________
Stable jobs for 1+ year ✓ Target date: __________
Saved $8,000 for baby costs ✓ Target date: __________"

This gives you concrete goals instead of vague "someday."

What If Your Timeline Doesn't Match Biology?

Difficult reality:

If you're 37+ and need 3+ years to be financially ready, you may have to choose:

Try now despite finances not being perfect
Accept that biological kids may not happen
Consider fertility treatments (expensive) to extend timeline
Explore adoption (different timeline and costs)

This is heartbreaking. But ignoring biology doesn't make it less real.

According to Pew Research Center data on family planning, 44% of non-parents ages 18-49 say they're unlikely to have kids, with financial concerns being the top reason cited. However, among those who do have kids, most say they weren't fully "financially ready" but made it work.

Making It Work on Less Than Ideal Income

Most people aren't wealthy when they have kids. Here's how to make it work:

Strategy #1: Cut Ruthlessly

What parents actually give up:

Eating out regularly (meal prep, cook at home)
Cable/streaming services (keep 1-2, drop the rest)
New clothes for themselves (thrift, hand-me-downs)
Expensive hobbies
New cars (keep old cars longer)
Fancy vacations (camping, staycations, visiting family)

You CAN raise kids on less. But both partners must be willing to live more frugally.

Strategy #2: Maximize Free and Low-Cost Resources

Use:

Facebook Buy Nothing groups (free baby gear)
Consignment sales (cheap baby/kid clothes)
Public library (free books, activities, story time)
Community centers (low-cost classes)
Hand-me-downs from family/friends
Public parks (free entertainment)
WIC if income-eligible (free baby food/formula)

Strategy #3: Reduce Housing Costs

Options:

Stay in smaller place longer
Move to lower cost-of-living area
Live with family temporarily
Rent instead of buying
Roommate to split costs

Housing is the biggest expense. Cutting it helps enormously.

Strategy #4: Creative Childcare Solutions

Instead of full-time daycare:

Shift schedules (one parent home while other works)
Family member childcare
Nanny share with another family (split cost)
Work from home while parenting (hard but doable)
One parent works nights/weekends

Strategy #5: Focus on Needs, Not Wants

Babies NEED:

Food (breast milk is free, formula is expensive)
Diapers (budget $70-100/month)
Car seat (safety requirement, $150-300)
Safe sleep space (crib or bassinet)
Weather-appropriate clothing
Healthcare
Love and attention

Babies DON'T need:

Expensive nursery themes
Designer clothes
Every baby gadget marketed to you
New everything (used is fine)
Fancy stroller
Tons of toys

Marketing makes you think babies are expensive. Basic baby care is actually affordable.

You don't need to be rich to be a good parent.

But you do need to be willing to adjust your lifestyle and priorities.

When Your Partner Is Using Money as an Excuse

Sometimes "we can't afford it" means "I don't want kids."

Signs They're Using Money as Excuse:

🚩 You hit their stated financial milestone, then they move the goalposts
🚩 They won't engage in actual budget planning
🚩 They say you can't afford kids but spend freely on themselves
🚩 They refuse to discuss timeline or milestones
🚩 Financial concerns are vague, not specific
🚩 They dismiss any suggestion for making it work
🚩 You have plenty of money but they still say "can't afford it"

The Conversation You Need:

"I need to ask you something directly, and I need you to be honest with me.

Is this really about money? Or is money a more acceptable way to say you don't want kids?

Because I've noticed that every time we hit a financial goal, you move the goalposts. We made the salary you said we needed. We saved the amount you requested. We paid off the debt.

And you still say we can't afford it.

If you don't want kids, please tell me. I'll be hurt, but I need the truth. If this is really about being scared of parenthood or not wanting that life, that's a conversation we need to have.

But if you keep using money as an excuse when money isn't the real issue, that's not fair to either of us."

If they admit they don't want kids:

Now you know. It's painful, but at least it's honest.

Now you decide: Can you live without kids? Or is this a dealbreaker?

Different Values About Kids and Money

What if you disagree about what's "enough"?

Scenario 1: You Think You Can Afford It, They Don't

Your view:
"We make decent money, have savings, we can make this work."

Their view:
"We're not financially stable enough. We need more saved."

The disconnect:
Different risk tolerance and definition of "enough."

Resolution:

Get specific about numbers (not feelings)
What exact amount would make them comfortable?
Create concrete plan to reach that number
Set deadline for decision

Scenario 2: You Want to Sacrifice Lifestyle, They Don't

Your view:
"I'm willing to cut back on everything to have kids."

Their view:
"I'm not willing to give up our quality of life."

The disconnect:
Kids are higher priority for you than maintaining current lifestyle.

Resolution:

Are they willing to sacrifice ANYTHING?
What's the minimum lifestyle they need?
Can you afford kids while maintaining that?
If not, you're incompatible on this

Scenario 3: Different Ideas About Parenting Costs

Your view:
"We can raise kids cheaply—secondhand stuff, budget-friendly."

Their view:
"I want to give our kids the best—private school, activities, nice things."

The disconnect:
Different parenting values and financial priorities.

Resolution:

Discuss what "good parenting" means to both of you
Is it about money or about time/love/attention?
Can you meet in the middle?
Agree on budget before having kids

Incompatible values about money and kids can destroy relationships.

Get aligned before you have kids, not after.

Your Turn: How Did You Decide You Could Afford Kids?

Did you feel financially ready when you had kids? How did you and your partner navigate the money conversation? What helped you make the decision? What do you wish you'd known? Share your experience in the comments!

The Bottom Line

Can you afford kids?

The real answer: Most people can't "afford" kids in the sense that they have unlimited resources and won't sacrifice anything.

But millions of people make it work.

What you MUST have:

✅ Stable income
✅ Health insurance
✅ Emergency fund
✅ Agreement on childcare/career plans
✅ Willingness to sacrifice lifestyle
✅ Plan for the first year costs

What you DON'T need:

❌ Six-figure income
❌ Perfect financial situation
❌ Zero debt
❌ House paid off
❌ Million dollars in the bank

The most important things:

1. Alignment with your partner
You both want kids and agree on timeline and financial approach.

2. Realistic expectations
You know kids are expensive and you're willing to adjust.

3. Solid financial foundation
Not perfect, but stable enough to handle the changes.

4. Flexibility
Things won't go exactly as planned. Can you adapt?

You'll never feel 100% ready.

But you can be prepared.

Have the honest conversations now.

Run the numbers.

Make a plan.

And then, if you want kids, take the leap.

Parenthood isn't about being rich.

It's about being ready to prioritize someone else.

Financially, emotionally, and in every other way.

The money matters. But love matters more.

Make sure you have enough of both.