Mom Life

Why aren’t there financial planners for having children?

By: Joi Adams

When becoming a mom, some women don’t realize the financial heartburn when it comes to putting your little one into daycare. There is so much anxiety, research, and moments of uncertainty. When my eldest begged my husband and me for a sibling, we weren’t quite sure if we would even take that leap of faith and try again. Our son was so adamant about having a sibling that in the winter of 2016, he wrote President Obama requesting a sibling (sister) for Christmas. In his letter, he did explain that we didn’t want another child at the moment due to trying to pay off our student loans. To our surprise, we received a call from the White House and was invited to the White House for a Christmas tour. It took us several more years to finally have our youngest.

The first thing my husband and I did when we were in the clear was research daycares. The cost of childcare in Manhattan was a crippling reality that seemed unconstitutional. Like who made up these prices and why? Between the cost of living, student loans, and childcare, it was honestly mind-blowing the amount of money we would bleed out every month. When we found the daycare that we truly loved, reality began to set in the first few months of payments. The sad part is that after the first couple of payments, we didn’t think about it anymore. This really shouldn’t be the norm.

Why is it ok to pay over $30,000 a year for childcare? In 4 years, you can quickly pay up to $100,000. Why aren’t there financial planners for having children? Why isn’t childcare cost not talked about? Surprisingly most of my girlfriends who were thinking of or even planning of having a child didn’t realize childcare was so expensive until I brought it up. I always want to be honest and transparent so moms can plan accordingly and think of other alternatives such as nanny share. I find this is truly a millennial problem. First sky-high student loans, then, sky-high childcare. It’s not as if I could go to my mom to ask what did you do for childcare because the cost wasn’t so high in the 80s.

In this current political climate, childcare is becoming a more significant discussion, but who truly knows when a change will occur. In society’s eyes on paper with our family household income, paying $30,000 + a year shouldn’t be a big deal, but it is because that’s $30,000 that could go into my child’s college fund or $30,000 a year that could go towards student loans.

I’m beyond grateful for my baby boy, and no money outweighs the pure love and joy he brings to our little family. In the end, there is room for change, or even regulate how much folks should pay for their little one to thrive.

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