How Much Does It Cost to Raise a Child?

Marriage Kids and Money: Personal Finance for Families

Andy Hill

Investing, Business, Kids & Family, Parenting

4.9 • 604 Ratings

🗓️ 29 July 2025

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Andy Hill sits down with LendingTree’s Matt Schulz to break down the real price tag of parenting in 2024 (spoiler: nearly $300K!). They cover rising childcare costs, smart savings strategies, and how your budget can survive the baby years. Then, financial planner Madison Sharick shares how she and her husband hit Coast FIRE in their 30s — while raising two young kids! 💡 Whether you're a future parent or already knee-deep in diapers, this episode is packed with practical money moves to help your family thrive. EPISODE RESOURCES Sponsors, Deals and Partners Ask Questions, Save Money, Make More (Matt's book): https://amzn.to/4mg7mgb (affiliate) Matt Schulz: https://www.mattschulz.com/ Nectarine (Advice Only Financial Planners): ⁠⁠https://marriagekidsandmoney.com/nectarine⁠ (affiliate) Madi Minds Money: ⁠https://madimanagesmoney.com/ CHAPTERS 00:00 – Is the cost of raising a child worth it? 00:33 – Show introduction and episode preview 01:09 – Meet Matt Schulz, LendingTree financial expert 02:10 – How much does it cost to raise a child? 03:20 – Why these rising costs impact family planning 04:13 – How fast is the cost increasing? 05:30 – Most and least expensive states to raise a child 07:46 – Major cost drivers: daycare and housing 09:00 – Average percentage of income spent on child expenses 10:30 – Where to begin: budgeting basics for new parents 12:00 – Smart moves to save on childcare 13:50 – Debt management tips to free up cash 16:00 – Should high costs stop you from having kids? 18:00 – Coast FIRE segment 20:11 – Meet Madison: Coast FIRE at 35 with kids 21:33 – Retirement projections and 4% rule 22:45 – The motivation behind early investing 24:00 – How Madison and Jake built wealth 26:50 – Madison’s career path and income 28:15 – Combining income as a couple 29:45 – Career vs. parenting: striking a balance 33:15 – How Madison financially prepared to quit her job 35:09 – Pausing contributions and strategic Roth conversion 36:15 – Generational wealth planning 37:30 – College planning with 529s 38:45 – Financial literacy goals for her daughters 39:20 – Easy step to start Coast FIRE journey 40:20 – Where to find Madison and her financial advice 41:01 – Closing thoughts and inspirational quote MKM RESOURCES: ⁠⁠MKM Coaching⁠⁠: Want 1-on-1 support with your family finance journey? Book a time with me today. ⁠⁠Coast FIRE Calculator⁠⁠: A free calculator to help you find out when you can slow down or stop investing for retirement. ⁠⁠Mortgage Payoff Calculator⁠⁠: A free calculator to help you see how fast you can become mortgage free. ⁠⁠YouTube⁠⁠: Subscribe for free to watch videos of these episodes and interviews. RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES): ⁠⁠Monarch Money⁠⁠ - Best Budget App for Families & Couples ⁠⁠Empower⁠⁠ - Free Portfolio Tracker ⁠Cr⁠ew⁠⁠ - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link ⁠⁠Ethos⁠⁠ - Affordable Term Life Insurance ⁠⁠Trust & Will⁠⁠ - Convenient Estate Planning HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Liz Theresa Editor: Johnny Sohl Podcast Support: Nev Maraj Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, this is Ava from Vanta.
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0:22.1	enterprise managing vendor risk, Banta makes it quick, easy and scalable. And I'm not to say
0:27.2	that because I work here. Get started today at banta.com.
0:30.1	People shouldn't necessarily let the cost of having a kid scare them away from having a kid if it is something
0:39.9	that they really, really, really want to do. You can find a way.
0:49.9	This show is dedicated to helping you, strengthen your family tree, and live financially free.
0:55.5	Welcome to the Marriage Kids and Money podcast, everybody.
0:57.5	This is Andy Hill, and today we're going to do two things.
1:01.2	First, we're going to answer the question, how much does it cost to raise a child?
1:07.2	Our friend Matt Schultz is coming back on the show to help us answer this question.
1:11.4	We're going to dive into the details of what makes up this total cost and provide some advice for couples who want kids, but aren't sure if having them is worth it.
1:21.9	Second, we're back with our Coast Fire family segment.
1:24.7	This month we're featuring Madison Sherrick from Pittsburgh, Pennsylvania.
1:29.2	Madison and her husband Jake recently achieved Coastfire in their early 30s. We're going to share
1:34.8	how they did it as a couple and what their life looks like now with a one-year-old and a four-year-old
1:41.0	at home. All right, let's jump into today's show.
1:49.0	If you're contemplating becoming a parent, maybe expecting your first baby soon,
	...

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