Managing money in a family with multiple children is no mean feat. Parents have to balance saving for the future with giving their children the best possible life right now. A caller to money management expert Dave Ramsey’s show caused some surprise when he revealed that he spends $80,000 a year just for daycare.
Commenters debated Dave’s advice and whether or not this was a reasonable amount to spend. We reached out to Dave Ramsey via email and will update the article when his team gets back to us.
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A man called financial guru Dave Ramsey for advice when he found himself struggling to pay $80,000 for his kid’s daycare
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“The caller: I’m expecting my income to increase pretty dramatically in two years, but in the meantime, I’m having trouble paying costs, including two kids in daycare. My wife is doing a medical residency, so in two years, she’ll be done with that and get a job as a doctor.
Dave Ramsey: Yeah, that will increase things pretty dramatically. And how much debt will you guys have?”
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“The caller: We own a house, and aside from the house, we have about $25,000 in student loan debt.
Dave Ramsey: And is she borrowing to finish medical school?
The caller: No, she has no med school debt. So the student debt is mine.”
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“Dave Ramsey: So what’s she making in residency?
The caller: About $70,000.
Dave Ramsey: And what are you making?”
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“The caller: About $110,000.
Dave Ramsey: Can you explain to me why you can’t get by on $180,000? And you have to borrow money because you can’t get by on $180,000?
Jade: No, something’s not right.”
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“The caller: The childcare costs are about $80,000.
Dave Ramsey: $180,000 and you’re going to explain that with child care costs?
Jade: Hold on, how much are you paying a month in child care?”
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“The caller: It’s about $80,000 a year.
Dave Ramsey: Why? You brought them in college?”
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Image credits: daveramsey
“The caller: The base tuition for the child daycare we use is $25,000 per kid, then we pay extra for early care and aftercare, and it doesn’t go during the summer, so during the summer we need a nanny.
Dave Ramsey: I’m going to be as nice as I can. You guys have lost your minds.”
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“Jade: There’s cheaper routes.
Dave Ramsey: Oh, you think? You got them in some kind of dadgum… I mean, are they going to Harvard? What the hell?”
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“The caller: it is a pretty fancy daycare.
Jade: you can downgrade.
Dave Ramsey: They’re not even in school and you’re already paying 25, 000 a head? Yeah. Come on, dude. That’s just dumber than c**p.”
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“Jade: Seriously. Downgrade. It’s time to take the kids off filet mignon.
Dave Ramsey: I don’t care how much money you make. There’s not enough money in the world that doesn’t make that stupid.”
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“Jade: Find you a free summer camp. Anything. During the summertime.
Dave Ramsey: So we’re going to borrow money now. We’re going to take out student loans for the four-year-old because that’s what we’re coming down to. You make $180,000. Yeah, I think you need to become frugal. If that’s what the definition of living on $180,000 is.”
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“Jade: Look, daycare can be expensive, but it doesn’t have to be that expensive.
Dave Ramsey: $25,000 a kid? Yeah, I think not. Unbelievable.”
Image credits: daveramsey
Image credits: daveramsey
Image credits: daveramsey
Image credits: daveramsey
You can watch the full videos here
@daveramsey This couple is spending $80,000 a year for child care. #childcare #daycare #moneytok ♬ original sound – Dave Ramsey
@johnbmortgage #Duet with @Dave Ramsey Obviously Dave is clueless about real life childcare costs for American parents. The truth is a majority of households pay 20% or more of their total income on preschool, daycare, aftercare, nannies etc. And that doesn’t mean those are the stupid people and the other third found a “cheaper route”. The remainder either have one parent or other family member at home or they have a high enough income to keep the cost under 20%. So here in the real world childcare costs are a serious burden on our financial stability, and Dave needs to wake up and realize that envelopes and being thrifty won’t cut it here. Get your act together @Dave Ramsey . It’s 2024 let’s lose the 1984 mindset. #cluelessguru #daycare #childcarecosts #householdfinances #expenses #daveramsey #inflation #income #johnbandme ♬ original sound – John Birke 🏡 Mortgage Hacker
@sheisapaigeturner There is a childcare crisis in our country. The cost of childcare is astronomical. The cost of childcare is typically the biggest financial burden for a family with young children. The cost of childcare is rising at a faster rate than any other expense for families. People like Dave, pretending that this isn’t happening is wild to me because it is documented that this is indeed the cost of daycare. Dave should not be giving advice unless he’s well-versed in the topic. ##daveramsey##childcarecrisis##childcare ##daycare##daycarelife##millennialmom##workingmom ♬ original sound – Paige
Viewers debated the rising costs of childcare and Dave’s advice
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