I estimated the cost per year for our 3 years old in South Korea. Compared what government estimations are we are about 20% below, probably we are kind of frugal.
Category
KRW/year
USD/year (≈1,400 KRW/USD)
Food (home)
882,000
~630
Kindergarten
8,400,000
~6,000
Clothes
420,000
~300
Toys
180,000
~130
Flights
750,000
~540
Eating out
720,000
~510
Seasonal items
100,000
~70
Miscellaneous
100,000
~70
Books / educational items
50,000
~35
Birthday / celebrations
50,000
~35
Health / supplements
50,000
~35
Total
11,702,000
~8,360
Oh and if he was Korean the Kindergarten would be even half of that cost.
Live in MA and pay a nanny about $55k a year. Its brutal and pushing our finances to their limits but we tell ourselves its temporary pain (2 years) to ensure the long term wellness of our child.
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In CA and we pay north of $40k in daycare alone for each kid.
Gee… WhY ArEnT PeOpLe HaViNg KiDs???
Massachusetts median income is 114k, child is 44k.
Mississippi median income is 56k, child is 19k. Using 2 data points, it looks like it scales.
Data source: https://www.fool.com/money/research/average-us-income/
I estimated the cost per year for our 3 years old in South Korea. Compared what government estimations are we are about 20% below, probably we are kind of frugal.
Oh and if he was Korean the Kindergarten would be even half of that cost.
You get what you pay for
Live in MA and pay a nanny about $55k a year. Its brutal and pushing our finances to their limits but we tell ourselves its temporary pain (2 years) to ensure the long term wellness of our child.