Beating Broke

Personal Finance from the Broke Perspective

How Long Are Your Parents Financially Responsible for You?

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How Long Are Your Parents Financially Responsible for You

From the time a baby is born until he is 17 years of age, experts estimate that parents will pay approximately $233,000 to care and provide for him (USDA).  That amount doesn’t even include the cost of college!  Parenthood is a lifelong responsibility, but the financial aspect has a definitive end according to the law.

How Long Are Parents Financially Responsible for You?

In the majority of states, parents are financially responsible for you until you reach the age of majority, which is 18.  However, if you live in Mississippi, the age of majority isn’t until 21!

Early Termination of Parental Responsibility

In rare cases, parents’ financial and legal responsibility can end early.

Termination of Legal Custody

One way this may happen is if the Department of Children and Family Services takes the children away from the parents due to neglect or abuse.  Parents are given time and classes to improve their parenting skills and regain custody of their children.  However, if they don’t change, their parental rights may be terminated.  In that case, they are no longer financially responsible for their children, but they also can no longer see their children.

Emancipation

Parents’ financial responsibility for you can also end if you become emancipated.  This can happen in several different ways.

Natural Emancipation

There are two ways you can be naturally emancipated.

Marriage

You will be naturally emancipated if you marry before the age of 18.  Of course, the age at which you can marry depends on your state, but only four states—Delaware, New Jersey, Minnesota, and Pennsylvania—don’t allow legal marriage before the age of 18.  The rest allow marriage at a variety of ages including as young as 13.  Once you’re married, your parents are no longer financially responsible for you.

Join the Military
Parents Financially Responsible for You
Photo by Jessica Radanavong on Unsplash

Likewise, you are eligible to join the military at 17.  If you do, your parents’ financial responsibility for you ends.

Minor Initiated Emancipation

In rare cases, a child can petition the court to be emancipated.  To successfully do so, a child must prove that he is mature enough and has the means to support himself.  While this doesn’t seem to happen frequently, there are plenty of child actors who have taken this step including Drew Barrymore who became emancipated at 14, and Macaulay Culkin who requested emancipation at 16.

Extended Parental Responsibility

In certain instances, parents’ financial responsibility for you may last longer than the age of the majority.  This may happen if you have a disability and your parents petition the court to be your legal guardian.  In order for them to be your legal guardian, they will need to prove that due to a disability, you are unable to manage your affairs.  If your parents become your legal guardians, they will ultimately make financial and legal decisions for you.

Final Thoughts

In general, parents are no longer legally financially responsible for you in most states when you reach the age of 18.  However, there are several circumstances where this legal obligation may end sooner or extend longer.

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Why You Should Get Braces for Your Child When Needed

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Raising children and providing them with basic needs like food, clothes, and shelter can be expensive, especially as they enter the tween and teen years.  And then there are other expenses like school, sports, entertainment, gifts, etc. that get more expensive as your child gets older.  If you have a child that needs braces, especially if the problem doesn’t seem that bad, you may decide to forego treatment.  However, if at all possible, there are several reasons why you should get braces for your child when needed.

Why You Should Get Braces for Your Child When Needed

Why You Should Get Braces for Your Child When Needed

Although paying thousands of dollars for your child to get braces is a financial hardship, there are several reasons why it’s smart to make the investment.

Waiting May Lead To More Problems Later

I have a small, narrow mouth, and my mom was told I needed a retainer to correct an overbite and a crossbite.  Admittedly, on the surface, my teeth don’t look that bad.  I don’t think that the crossbite is that noticeable, and I have just a bit of overcrowding.  My mom did pay for a retainer, but I wrapped it in a napkin when it was time to eat lunch at school, and inadvertently I threw it in the trash.  My mom didn’t have money to buy a new one, so that was the end of my orthodontic treatment.

Fast forward 30 years later, and I’ve had many problems with the side of my mouth that has a crossbite.  Because I clench my teeth at night, I wear a mouth guard.  However, even with the dental appliance,  I damaged the teeth with a crossbite.  I had a botched root canal that couldn’t be fixed on that side, had to have the tooth pulled, and now I’m waiting for a dental implant.  I also had to have a root canal on another tooth on that side.

The side that doesn’t have the crossbite?  I’ve had no problems despite my clenching.  Now I’m in Invisalign to correct the crossbite and hopefully mitigate any future damage.

Double the Expenses

Why You Should Get Braces for Your Child When Needed
Photo by Alex Robinson on Unsplash

If adults need braces, chances are, at least some of their children will also need braces.  Then, the adults are not only paying for their children’s braces, but their own.  In our home, I’m in braces, my son completed his treatment last year, and my daughter started hers last year.  Paying for two kids in braces is expensive enough, but to then pay for my adult braces on top is a financial strain.

Children’s Teeth Are Easier to Move

While a child is still growing, their teeth are easier to move with braces.  Yes, adults can also see good results with braces, but treatment will likely be more difficult and take longer.

More Stigma with Adults Wearing Braces

Even though more adults are getting braces, adults still only make up about 20% of the total braces-wearing population.  Many adults may be self-conscious to wear braces when they’re working in the business world, and there may be a stigma attached to those who wear them.

Final Thoughts

Many people consider braces optional, especially if the problems aren’t immediately visible.  However, not getting braces for your child to correct a crossbite or other issues can lead to expensive dental procedures for your child in adulthood.  If at all possible, try to pay for your child’s braces, especially when considering all the reasons why you should get braces for your child when needed.

Did your parents pay for your braces, or did you have to wait until you were an adult?  Do you agree that paying for braces should be a priority for parents if they’re necessary?

Raising a Child Does Not Cost as Much as the USDA Estimates

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According to the USDA’s 2010 report, raising a child born in 2010 to the age of 18 will cost on average $226,920.  This cost is the average cost a middle-class family pays for shelter, food, health care, clothing, transportation, child care, education and other expenses.  They further break down the average cost per child per year as $11,800 to $13,880.  Yikes!  If you are on the fence about having kids, this report will certainly sway you in the direction of remaining childless.

However, as a mom to three kids, I can attest (as many other parents including Beating Broke can), that it doesn’t have to be this way.    My husband and I have three kids, which, according to the report, should run us a minimum of $35,400 a year, not including our other expenses.  My husband is just completing his Ph.D. and starting his career.  While we count on him being able to make a large salary in the future, right now between his job and my part-time work from home, we are making a little less than $40,000.  We are most definitely not spending $35,400 a year on our kids.  Here is how we cut corners:

–Shop for clothes at garage sales.  Babies and little kids don’t really care about their clothes; you can find fashionable, barely worn clothing at garage sales for less than $1 per piece or outfit.  Save money this way.  I know it is tempting to buy those adorable, brand new baby clothes, but babies outgrow outfits in weeks.  Let someone else spend their money buying those clothes so you can snatch them up for pennies at a garage sale.  If you don’t go to garage sales, check out Craigslist or eBay.

SAM SAJAN THOMAS–Breastfeed if possible.  Not every woman is able or willing to breastfeed, but if you are, breastfeeding can save nearly $1,000 that would have to be spent on formula for the first year of the child’s life.

–Use cloth diapers.  Cloth diapers do require a large financial investment upfront, but they will last for the two to three years your child is in diapers, and they may even last for use by your next child.  If cloth diapers make you squeamish, make sure to never pay retail for disposable diapers.  By finding deals and using coupons, you should be able to reduce your diaper cost significantly.

–Accept all hand-me-downs.  If you are the lucky recipient of hand-me-downs, please take them.  Honestly, for a newborn, the only thing you need to buy brand new is a crib mattress and a car seat, for safety reasons.  Everything else such as strollers, toys, cribs, clothes, etc. can be given as a hand-me-down or bought second hand.

There are some costs that you can’t save money on such as day care and health care.  In all the other areas, there are ways to cut corners.  Get in the practice of cutting corners when children are small and save the difference.  Forgo the brand new outfits and large ticket items like a crib and instead go secondhand and save the difference.  Bigger expenses loom ahead such as college.  As Beating Broke stated in an earlier post, Stop Adding Up the Cost of Raising Children.  It is possible to raise them for significantly less than the government suggests.

What are your suggestions for saving money when raising children?

photo credit: Sukanto Debnath