In this extravagant simulation - assume a nanny for 5 years, private school K-12, saving for private college, a new car when they are 16, paying for car insurance, a generous allowance, and lavish gifts. Expenses: Birth Medical Bills 5000 Furnishing Nursery / Baby Supplies 5000 Vehicle - Upgrade to a boring but safe wagon or SUV 35000 Formula or Breast Pump + Parts + Effort (first year) 200 Diapers 1000 Nanny 5 years, full time 3500 Furnishing Bedroom 4000 Aftercare K-5 (until age 11) 3600 Summer Camps 6000 Food 150 College Savings 600 Tutoring / Activities 300 Clothing 2400 Health Insurance / Co-pays 200 Private School K-12 18000 New Car on 16th birthday 25000 Car Insurance 250 Allowance 300 Lavish Gifts 3000 Income: Child Tax Credit 2000 Standard deduction effective "bonus", depends on tax bracket 1000

Jan. 30, 2020, 7:59 p.m.

Dec. 6, 2019, 8:48 p.m.