Ever heard the saying, "Kids are priceless, but raising them is far from free"? In a world where ‘baby budgeting’ isn’t taught in schools, Ana’s new book “Kids Ain’t Cheap” is the family financial guide every parent didn’t know they needed.

In this quick bonus episode, it’s Ana sitting at the other end to spill the surprising cost of raising a child. She also shares her author journey and why “Kids Ain’t Cheap” is a must-read, whether you're in the baby aisle or just planning to be.

Why did Ana write “Kids Ain’t Cheap”?

Parenthood is a journey of love, laughter, and…unexpected expenses. Many Aussies have no idea how much it costs to raise a child, let alone how to save money for one. And while over 300,000 bundles of joy arrive every year in Australia, resources detailing the costs of parenthood are scarce.

So, Ana consolidated scattered information in her new book to help you plan financially for every stage of parenting.

Here, she begins with the hard truth. For many, they face their greatest financial anxiety in the lead-up to having a baby. On one side, you've got your income taking a nosedive. On the other, expenses are skyrocketing. And unlike other areas of life, children don’t come with a projected expense report.

The cost is more than just the day-to-day expenses for diapers and baby food. A significant portion of the book is devoted to the ongoing and often hidden costs of early childhood education and care.

Many parents feel unprepared for this. In fact, the childhood education and care cost is so high that families in Australia spend 31% of combined income on this . To put this in perspective, the global average is 14% of combined income. It’s a scenario no budgeting app can fully prepare you for.

What’s in the book?

Ana's book isn’t all doom and gloom, though. “Kids Ain’t Cheap” is a reality check paired with solutions that feel like they’re coming from that wise parent at the park, not a stuffy economist. It’s exactly the book that Ana wishes she had read before having a child.

“Kids Ain’t Cheap” starts with pre-pregnancy financial planning, helping soon-to-be parents estimate the costs involved and prepare accordingly. The book then dives into calculating potential loss of earnings and offers insights to get your finances shipshape. Ana illustrates, for example, how childcare subsidies work and the nuances in which each wrong turn can cost you dearly.

Beyond budgeting, Ana wrote the book to help fellow parents have the freedom to focus on what truly matters – the joys of parenting.

In “Kids Ain’t Cheap”, Ana gives you an entire game plan for mitigating risks and reducing both emotional and financial stress. The book then empowers parents to think long-term, including setting up a child for a lifetime of financial freedom.

Who needs to read “Kids Ain’t Cheap” and why?

Raising kids is no small feat – financially, emotionally, and practically – and “Kids Ain't Cheap” arrives as your ally. As a mother of two, Ana’s voice and insights resonate to bright-eyed couples or those already in the thick of toddler tantrums. Even if you aren't planning anytime soon, “Kids Ain’t Cheap” is a window into understanding and appreciating the unseen struggles of parenting.

And, of course, it's Ana’s journey of writing “Kids Ain’t Cheap” that gives the book a layer of authenticity and relatability. Personally, writing the book was Ana’s way of gaining control. It helped her focus on something beyond the daily whirlwind of being a mother to two children.

In just four months, she penned a guide that’s set to transform how we view the economics of raising children in Australia. She turned the challenges of motherhood into a passion project that will inspire a generation of financially empowered parents.

What else does Ana cover in the book?

Stock market 101 for parents

Many of us shy away from the sharemarket, seeing it as an intimidating world for the wealthy and the finance bros. Ana breaks this down in “Kids Ain’t Cheap”, dedicating a chapter to helping parents become confident investors.

Investing for the youngins

While saving for college might be on your mind, the book encourages you to think beyond. How do you talk about money with your kids? How can you invest in their future in a way that's meaningful and lasting?

This was something that interested Ana when she had her first child. She realised that while there are many investment options, finding the right fit for your kids can be overwhelming. So, she laid out all the possibilities in one comprehensive chapter.

Leveraging compound interest to your family’s advantage

The concept of compound interest is a powerful tool in building wealth over time. Ana's insights shed light on how to leverage this to your advantage. With a little guidance, you can turn time into your greatest ally in building a future for your family.

Learning from those who’ve been there

One of the book's strengths is that it moves beyond Ana’s single perspective. Featuring stories of 14 different parents, “Kids Ain't Cheap” presents a kaleidoscope of parenting experiences you can learn from.

A standout story is about a couple who resorted to selling cows to finance their IVF treatments. Yes, you read that right – cows. Another touches on families maneuvering through systems like NDIS for children with disabilities or special needs. These are just some of the financial sacrifices and unconventional paths that show a more complete picture of parenting.

What were the best and worst parts of writing the book?

The best part: highlighting the ‘motherhood penalty’

Ana describes the journey of writing the book as a mix of passion and challenge. She embarked on this journey with a clear vision of the topics she wanted to cover. She was driven by an eagerness to go into deep research and recent statistics that often go ignored.

Her passion really shone when she researched the ‘motherhood penalty’. For a mother like Ana, exploring this phenomenon wasn’t just an academic exercise but a personal one.

Motherhood is often romanticised in movies and books, but the numbers tell a different story. Ana discovered that for every child a woman has, their income can decrease by 5 to 20% . Contrast that with men, who often see a 6% increase upon becoming fathers.

It’s not just an odd statistic. When you think about it, the disparity reflects a society where fathers are seen as breadwinners and rewarded for it. Meanwhile, mothers receive less because they are seen as compromising their careers for family.

And then there’s the implications that go beyond the income gap in the present. In the long term, women face the prospect of having less in their superannuation funds . This means they are more likely to face poverty and homelessness in their later years. It's happening in our neighbourhoods, perhaps even to people we know.

The trickiest part: How much does it really cost to raise a child?

One of the difficult parts of researching for “Kids Ain’t Cheap” was sifting through the data – or the lack thereof.

Most studies don't encompass the whole of Australia, and a sample of a thousand families can hardly represent the diverse experiences of all. Plus, a lot has changed post-COVID, adding another layer of complexity to these calculations. It pushed Ana to dig deeper and bring the true cost to the forefront (spoilers ahead).

In 2021, the average cost of raising two kids was about $893,000. However, with the ever-looming presence of inflation and other factors, these numbers are only heading north to a million. Expenses seem manageable in the early years, but as kids grow, so do the costs. Think about education, activities, and just how much food a growing teenager can consume.

And let’s not forget the indirect costs that this price tag doesn’t include. We're talking about the ‘motherhood penalty,’ loss of income, and opportunities parents potentially forfeit for taking time out.

Now, this book isn't meant to be depressing – far from it. “Kids Ain’t Cheap” is here to offer clarity and preparation. It’s why a key chapter of the book focuses on resources that help you plan ahead and prepare with confidence. Ana wrote this book to empower families so they can spend more time enjoying their children and less time fretting over finances.

Where can you order “Kids Ain’t Cheap”?

We heard ”Kids Ain’t Cheap” is selling out fast at some places. But if your timing is right, you can snag a paperback or Kindle/ebook version from Amazon , Booktopia , or directly from Major Street Publishing . You can also support Ana’s mission to empower others to grow their wealth by ordering through the affiliate links in her website ( anakresina.com ).