And these are just "averages". I know that between me and my sister my parents must have spent well over a million dollars raising us. And we did not get cars at the age of 16 or anything of the sort. BUT, we did take at least one family vacation each year, sometimes more. We'd fo to Niagara Falls, Williamsburg VA, Disney World, the beaches on the East Coast etc. This always involved meals, hotel rooms, travel expenses and such.
Also, my college education alone was $100K total for all four years - not including books. Plus, we grew up Catholic and my sister and I went to private Catholic elementary school which had tuition. It was not much in the late 70's/early 80's but it all adds up. When I graduated from college my parents bought me a car to help get me on my feet (it was used but reliable and nice none the less).
We always dressed nicely and looked neat. We had food, a roof over our head, school clothes, new sneakers, money for field trips, X-mas gifts, Easter gifts, birthday gifts and birthday parties, health insurance, life insurance, toys, bicycles (plural), Atari/Nintendos and games to play on it, piano lessons, instruments (piano, flute). You get the point. These are not all essentials but they, for many kids and parents, are part of childhood and it all adds up - FAST.
Point is, my parents could have retired a long time ago had they not spent all that money on kids. They loved being parents, and we loved being their kids but raising kids is no joke especially when it comes to finances. Children are not cheap.
