The Cost of Raising a Kid is Over $230K: Can You Afford It? Does this estimate scare you?
The Cost of Raising a Kid is Over $230K: Can You Afford It?
Your bundle of joy will cost you just that -- a bundle!
It takes $234, 900 to raise a child, to be exact. That's the price tag on all the food, shelter, clothing, and health care required
to care for child from birth to age 17, according to the U.S.
Department of Agriculture's annual report, "Expenditures on Children by
Families."
And you were worried about college! Parents are gonna feel the pinch way before then.
In 1960, the first time the report was published, middle income familiy's spent about $25,000 over 17 years. It cost that much just to arm today's kids with the latest gadgets (iPhones, iPads, Wii's) and in the hippest fashions. We post-millennial parents are just spending a lot more than our's did. Yes, it's mostly because of inflation but let's be honest -- we are a lot more indulgent than they were.
Of course, the grand total must be adjusted based on income. If your annual take home is less that $60,000, then you may only end up spending $170,000 for each kid. Still a hefty sum , I know. You just have to chuck it up as the price of parenthood.
Does this estimate scare you?
Amazing. I could be a millionaire if I hadn't had kids! What garbage. The cost of raising our 5 kids didn't factor into our decision to have or raise them. We'd never be able to afford a child if we let the cost scare us.
We don't spoil our kids with the latest gadgets....they have to earn the money for whatever they want. We also don't worry about the hippest fashions, yet our kids are still dressed well for the occasion.
Shelter is mine as well as theirs...I'm not going to attribute that cost to them.
Food....well, I can believe it, after feeding teen boys. Still, there are ways to reduce those costs. You wouldn't believe what I paid for groceries needed to feed our family for the next week....think "under $10".....
Health care...mine are pretty healthy. Aside from the occasional emergency room visit for stitches, and the occasional doctor visit for swimmers ear or vaccinations, they don't have problems.
Last but not least: I'd never put a price on a life.
I think it all depends on how you budget and what's important to you. Being from a poor family I know many ways to save money. There are other things I'm not good at though, like food budgeting. I didn't read the article, but there area lot of things that parents buy that the family really doesn't need. Thre are also ways that families can swap items or save them to re-use later. Taking away the fact that it isn't healthy and looking primarily at expenditure Ramen is only 17-33 cents. If need be a poor family can survive on that. I've done it before. I'm not saying it's healthy, but it's doable. We cloth diaper. That is an initial investment, but not only are we saving with the first child, but with the next child. We also chose to breastfeed, which saves us a ton of money. Now, before I get someone telling me that some people can't breastfeed that is true to an extent. Many women just don't know what to look for in terms of supply or don't know that it is safe to take a med while breastfeeding because many people, even doctors aren't educated on the matter. In any case that isn't the issue and if one chooses formula that is alright. :) As for clothes I've gotten free stuff from people giving their baby clothes away from both my sister and other military families. I plan on giving them away after I have the next and last child (or saving for them when they have kids). Looking at Craigslist or Bookoo can yield good results for free and cheap stuff. Point here is tha spending all has to do with priorities (are you willing to buy used, accept freebies, or trade with others) and knowing what you can get away without buying at all.
Wow. I think we do pretty good but we budget for everything lol
It's an average - it factors in people who buy their kids the world. My costs for my 5 would be $1,174,500. With our income, we only make $1,350,00 leaving us with only $9,750 a YEAR going to other things - like a car, savings, gas, food, utilities, clothes for us, etc. So yeah - not real numbers in our case. I hate when statistics about this come out because it scares people into not having kids. I get that kids cost money, but you can't put a price on them. I am so thankful for all 5 of my little ones. :)
JOB!!!
- Cafe Steph
on Jun. 16, 2012 at 11:54 AM