Marriage Kids and Money: Personal Finance for Families How Much Does It Cost to Raise a Child?
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
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
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