Author Topic: anyone fully fired (no working spouse) with younger children?  (Read 9685 times)

TomTX

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #100 on: March 14, 2017, 01:44:00 PM »
You're right that his spending was more like $25k/year. I spend much more time on the forums where the number thrown around for a lot of default calculations is $1M/ $40k per year.

I completely feel your "shame" as our spending is about double that also. With rent at $29k and daycare at $17k I don't see that changing. :) Perhaps the important thing is that we strive for relative frugality. Older, paid-off cars, cook at home, second-hand clothes, blah blah blah. Who am I kidding though? I don't budget groceries down to the dollar each month and we definitely enjoy eating out sometimes. Hanging around these forums is always a good influence in the right direction though.

If you are FIRE, no reason to pay for daycare...

Ishmael

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #101 on: March 16, 2017, 06:24:39 AM »
I'm planning on at the end of this year (unless I get a job offer I'm hoping for...). One big thing that is greatly greasing the wheels here in Canada is the Canada Child Benefit. For kids under the age of 18, it's a progressive monthly payment to help pay for expenses related to children, designed to help prevent children from living in poverty, and to simplify the overly complex mess of tax credits and various allowances that existed prior.

For a fairly typical Mustachian-style family of 4 with FIRE spending of around $35-40k, it can result in up to over $10k tax-free income, which according to the tracking I've been doing for the past few years, is pretty much exactly what we've been spending on our kids, factoring in all aspects - school costs, sports and activities, RESP savings, allowances, family outings and vacations, groceries, etc.

As my kids head into the teenage years, I'm a bit concerned about increasing expenses in those years (cell phones, more expensive activities and groceries), but hopefully that won't be too much.


frugal_c

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #102 on: March 18, 2017, 02:17:24 PM »
This is a great thread.  Good to see the different perspectives.  It certainly is a different story when you have children to take care of.

I don't have any good answers but our plan is to continue full time until we have enough for just the 2 of us to FIRE.  Then we will downshift to part-time until everyone grows up and is out of the house.  At that point we will cut our expenses and FIRE.  Hopefully the investments will have grown as well so should be comfortable.  There are some real advantages to this as regards government pension and just not having to worry about the somewhat random expenses with kids.

CanuckExpat

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #103 on: March 19, 2017, 08:33:50 PM »
If you are FIRE, no reason to pay for daycare...

I can think of a few reasons.. as many reasons as one might have kids :)
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Goldielocks

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #104 on: March 19, 2017, 11:47:32 PM »
I'm planning on at the end of this year (unless I get a job offer I'm hoping for...). One big thing that is greatly greasing the wheels here in Canada is the Canada Child Benefit. For kids under the age of 18, it's a progressive monthly payment to help pay for expenses related to children, designed to help prevent children from living in poverty, and to simplify the overly complex mess of tax credits and various allowances that existed prior.

For a fairly typical Mustachian-style family of 4 with FIRE spending of around $35-40k, it can result in up to over $10k tax-free income, which according to the tracking I've been doing for the past few years, is pretty much exactly what we've been spending on our kids, factoring in all aspects - school costs, sports and activities, RESP savings, allowances, family outings and vacations, groceries, etc.

As my kids head into the teenage years, I'm a bit concerned about increasing expenses in those years (cell phones, more expensive activities and groceries), but hopefully that won't be too much.

We made it a goal to have the teenagers start making their own money for extra clothing, school trip fees, cell phones.  Mowing lawns, delivering papers, babysitting, small chores for neighbors or other relatives, tutoring at school -- there are lots of ways to earn an extra $50 or more a month, even before they hit 15 years old.

Otherwise, there is a spike in food costs (teenage boys, especially), and in graduation costs (girls, especially).   We found that as teenagers, the costs for braces, physio, or other educational "intervention" programs and daycamps from elementary school pretty much ended.   Both our kids chose hobbies that were not "rep" teams, however, when they realized that they would need to pay for a portion of them.  (House league equivalent was all mom and dad would pay for).   It helps if their friends do not have wealthy parents, I think.

Metric Mouse

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #105 on: March 20, 2017, 06:09:52 AM »
If you are FIRE, no reason to pay for daycare...
False! Daycare can be great, even for two non-working parents like XS and myself!
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ysette9

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Re: anyone fully fired (no working spouse) with younger children?
« Reply #106 on: March 20, 2017, 10:31:13 AM »
My kid LOVES her daycare and asks hopefully about going on Friday nights. "Sorry kid, you actually have to spend two full days with your loving parents!"
"It'll be great!"