Living in retirement usually means living on a budget. And sometimes that means giving up the extra helping of bacon at Denny’s, for instance.
But what about those darling grandchildren? How much do they cost you a year?
Here’s Five Fast Facts …… :
- 🤯 Kids Cost WHAT!? First of all, it’s essential to know that raising a child costs around $18k a year. Thanks, inflation. So if you’re raising your kid’s kids – they’re gonna be budget busters.
- 👋 Loving them from afar - Okay, so you’re not raising them. Instead, let’s say you’re the over-the-top gift-giving grandparent. Then, you’re likely spending about $800 on gifts (per kid) each year.
- 🌴 Not Just Gifts - For most retirees, grandparenting costs go way beyond gifts. The other top things grandparents fund are family trips, school tuition, and day-to-day expenses.
- 💕 The Total Bill - The last time a study was done was a few years ago, so you’ll probably have to add on for inflation, but in 2019 the average grandparent spent $2,562 loving their offspring’s offspring.
- 💲 Pro-Tip - Are you looking to give your babies something more meaningful than an Xbox? If you’re looking to make a significant financial gift, you can give up to 16K this year without having to report it on your taxes.
🔥Bottom line: We said it once, and we’ll repeat it – kids ain’t cheap. Apparently, it doesn’t even matter if they’re your own!
How much do you think you spend on your grandkids every year? (Yes, this is a competition.)
Speaking of spending loads of cash, we've got your midterm election info hookup:
