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03/11/2005
though i paid no money, it cost my parents around $9k to have me, as the average labor and delivery fee is around $9k in maryland. meaning they would have had to save up $750 per month in order to pay the bill. on top of that, they had to buy baby clothes, baby food, breast milk stuff, etc. this can be rounded to about $11k. -
learning how to drive - youth
most cars cost between 10-50 thousand dollars. one would have to save that much, and then there would be more expenses via gas money, insurance, etc.
the cost of a student driver sticker, possible accessories, etc.
need to save between 10-50k -
applying to college - youth
the average cost of applying to college in maryland is $50, and the average student applies to about six colleges. that is $300 necessary to complete the application process. if one saves around $25 per month a year before applying, they'll have enough for the application process. -
buying your own first car - young adult
cars average cost is about 10-50k. from right now, i would have to save a little under 10k per month to be able to buy my own car by my birthday. -
paying apartment bills - young adult
highest average rent cost is around $1.6k. one would have to save around 2k per month to be able to pay an apartment bill. -
buying your first house - adult
the average cost of a single family home in maryland is around $350-$370k, meaning if i wanted to buy a single family home by age 30, (considering i start saving at 18,) i would need to save $30k per year -
paying for your child's first club team - adult
you've had your first child and they want to pursue a sport! which sport you may ask? let's go with lacrosse. usually, the average annual club lacrosse fee is above $1k. if you plan to have your child play for 12 years, it would be a total of $12k. you would have to save $83 per month per year to be able to pay the fees. -
first trip out of country with your family - middle age
the first trip out of country! say you want to go to switzerland! a one way trip to zurich would cost arounddd $900. depending on how big your family is, that's $900 per person. say you have 5 family members, that's $4.5k you would need just for the plane. the average cost of a hotel in zurich is about $150 per night. a 3 night trip to zurich and back would cost a total of $9,450. you would have to save around 800 per month for a year. -
getting a dog - middle age
buying and taking care of a dog in full can range from about $20k to $90k per year, depending on the type of dog. in theory, if you wanted a dog that would cost about $20k a year to take care of, you would have to save around $1,666 per month, meaning about $417 per week. -
retirement - senior
for retirement, most people want to save a little over $500k. by age 60, you should have eight times your annual income. if your annual income is around 71k (comp sci major average), you should have around 570k by the time you aim to retire. this requires saving 12k per year, and 1k per month (if i were to start saving on my 18th birthday)