Hello there fathers and mothers!

I'm a single man thinking of having children within the next 3 - 5 years. I was wondering how much of your income you side aside for your child monthly to cover
- healthcare
- feeding
- education
- clothing
- & others (like diapers etc?)

Feel free to add other categories that aren't captured above.

Lol...na the economy go guide you my brother.

NerdyAboki:

I was wondering [how] much of your income you side aside for your child monthly to cover
- healthcare
- feeding
- education
- clothing
- & others (like diapers etc?)

I set aside 50% of my income for my children. It used to be 70% of my income then I got a substantial pay rise that reduced it to less than 40% so I upped it to 50%. My partner who earns a lot matches my 50% plus some too. They are our biggest investment.

Do note that my response is intended to point out the absurdity of your intelligent question, since how much anyone spends on their children depends on how much they earn, and how many children they have, and the quality of life and life opportunities they wish to provide for their children.

That you ask before having said children is however very highly responsible and commendable of you. Most would have them first and then find they have not got enough income to rear them.

budaatum:



I set aside 50% of my income for my children. It used to be 70% of my income then I got a substantial pay rise that reduced it to less than 40% so I upped it to 50%. My partner who earns a lot matches my 50% plus some too. They are our biggest investment.

Do note that my response is intended to point out the absurdity of your intelligent question, since how much anyone spends on their children depends on how much they earn, and how many children they have, and the quality of life and life opportunities they wish to provide for their children.

That you ask before having said children is however very highly responsible and commendable of you. Most would have them first and then find they have not got enough income to rear them.

Thank you so much for this Sir. I believe they deserve the best we can afford. I've been doing some research lately. Factors like quality of life and location would certainly play very significant roles in this estimate, but because I can only work with estimates at this point, I'm working with the average.

For more clarity, I'm using one child as a baseline, I'm assuming one can extend from there. I hope that with my current trajectory, my earning will grow with time. I think asking for location and income to contextualise the percentage would be too personal questions to ask, but it's still a good picture to have without all these.

Thank you.

NerdyAboki:


Thank you so much for this Sir. I believe they deserve the best we can afford. I've been doing some research lately. Factors like quality of life and location would certainly play very significant roles in this estimate, but because I can only work with estimates at this point, I'm working with the average.

For more clarity, I'm using one child as a baseline, I'm assuming one can extend from there. I hope that with my current trajectory, my earning will grow with time. I think asking for location and income to contextualise the percentage would be too personal questions to ask, but it's still a good picture to have without all those.

Thank you.

I commend you for your research. I've always said there should be a law requiring a test to get a licence to show competence of being able to properly rear children, and what you are doing here is very close enough.

Consider this. A child would likely cost you at least what you currently spend on yourself. So, say you spend a certain amount of a money a month on yourself, you should at least expect to spend a similar amount on your child. And you might be wise to have at least an extra 10-20% buffer for emergencies because the needs of children are unpredictable. And if you are a man, you might also need to reserve some of your expenditure for the upkeep or partial upkeep of a wife.

But I'm sure I'm being extravagant here. There's lots of people who have children they spend as little as possible on. Just that those children mostly end up deprived of what better resourced children thrive on.

budaatum:



I set aside 50% of my income for my children. It used to be 70% of my income then I got a substantial pay rise that reduced it to less than 40% so I upped it to 50%. My partner who earns a lot matches my 50% plus some too. They are our biggest investment.

Do note that my response is intended to point out the absurdity of your intelligent question, since how much anyone spends on their children depends on how much they earn, and how many children they have, and the quality of life and life opportunities they wish to provide for their children.

That you ask before having said children is however very highly responsible and commendable of you. Most would have them first and then find they have not got enough income to rear them.

*raise them* sounds better.

Hmmmm, the cost of living is now Hell while the cost of having a Child is now Lake of Fire.

faithfull18:

*raise them* sounds better.

It perhaps does.

There's no fixed price. It really depends on the kind of standard you want for your kids. If a pricy private exclusive school is what you want, fees could go up to as much as 5 to 10 million naira yearly. Public schools are free on the other hand.

It really depends on what you want for your kids.

budaatum:


It perhaps does oh yes thank you for the correction

humans...pfft

All these ones I am seeing 70% .. 50% up there… I am not saying you shouldn’t save but do not starve yourselves all in the name of the unforeseen


Lastly, I saw partner up there… I hope two of you are saving in your separate accounts.. how are you both sure that in the next five years you will still be together… Don’t come here whining and opening a thread how you and your partner saved for some years for your unborn children and someone absconded.

Be wise