On a recent episode of The Ramsey Show, co-hosts Ken Coleman and Jade Warshaw were taken aback when Kim from Detroit called in to reveal she was expecting her sixth child. The family struggles financially, with $30,000 in consumer debt and no savings due to overspending on unnecessary items.

Kim and her husband, who earn about $75,000 and $2,400 a month respectively, face challenges affording a vehicle that can accommodate their growing family. Despite having $2,000 left over each month after expenses, they struggle due to overspending and debt.

The cost of raising children continues to rise, with expenses like housing, food, and child care increasing significantly in recent years. According to a report, it now costs an estimated $29,419 a year to raise a young child, up 35.7% from 2023.

To address their financial struggles, Kim and her husband are advised to focus on saving and extending their current vehicle lease if possible. They are encouraged to save up for a used vehicle rather than taking on more debt and to be creative in finding affordable solutions.

With rising costs impacting families, it’s crucial to create a realistic budget, take advantage of federal benefits, and track spending closely. Planning meals, reducing discretionary spending, and considering ways to lower housing costs can help alleviate financial strain.

In conclusion, the story of Kim and her family highlights the challenges many families face in managing finances and affording the costs of raising children. By making intentional financial decisions and seeking out affordable solutions, families can work towards a more stable financial future.

Read more at Yahoo Finance: Pregnant mom needs bigger car, renos for growing family. Ramsey Show hosts say to start saving