$300,000 And Counting: The Cost Of A Decision Many Parents Regret

Raising kids is rewarding, but let's be honest—it's expensive. The average cost to raise a child until age 18? According to Northwestern Mutual, it's a whopping $300,000, as Business Insider reported. For some parents, those costs came with regrets they wish they'd considered earlier.

Business Insider asked over 3,400 older Americans, aged 48 to 96, about their biggest financial regrets. The responses poured in and many centered around parenting. Some wished they'd waited longer to start a family. Others felt they spent too much—or not enough—on their kids. The bottom line? Decisions made decades ago still echo today.

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"Babies Are So Precious, But…"

Judy Taylor, 72, from Georgia, loves her children. But looking back, she says having kids in her early 20s wasn't the best financial move. "Babies are so precious," Taylor said to BI. "But having another life to be responsible for can be overwhelming. Just be sure you're ready for that."

Taylor and her husband weren't professionally established when they started their family. After their divorce, she had to shoulder the financial burden as a single parent. Today, she relies on just over $2,000 in Social Security monthly. Missing a check, she said, would leave her "dead in the water."

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Planning Ahead Is Key

Jessica Douieb, head of wealth partners at JPMorgan, told BI that the key is planning. Families should focus on short- and long-term goals like education, tax planning, cash-flow management and retirement savings. "A frequent misstep is failing to plan for the long term," Douieb said. Without a plan, she warns, parents could end up working longer and delaying their retirement to support their kids.

For Roxanne Lewis, 61, a mental health case manager, not having a nest egg before starting a family made things harder. She relied on child support and food stamps to get by as a single mother. With seven children, she now wishes she'd waited until she had a stable career and savings.

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No Regrets About the Love, But…

Here's the thing: None of the parents interviewed regretted the love they gave their kids. Many said their financial sacrifices were worth it to build strong family relationships. But they all stressed the importance of being financially prepared before leaping into parenthood.

Raising kids is one of life's biggest joys—and challenges. Whether it's $300,000 or more, knowing what you're getting into financially could save you from tough regrets later on. Plan now so your future self can thank you.

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