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?
Image via Refracted Moments/Flickr
Quoting YzmaRocks:
No, not at all. I think many of those costs can be minimized by breastfeeding, cloth diapering, making their food from scratch, and living frugally overall. My children do not need name brand toys and clothes nor do they need the latest gidgets and gadgets. I plan in having a large family :)
I can assure you that my 3 kids together will not cost that much. We breastfeed, wear hand-me-downs and cook from sratch. It doesn't bother me that my daughter wears her brother's jeans. So far my kids would rather play outside together with a frisbee and eachother than any fancy gadget. Good food isn't that expensive if you are willing to put in a little work.
It doesn't scare me. We take shortcuts here and there financially to add up big in the long run :)
That being said, I think if everyone waited until they were financially ready for a child, the human race would've died out a long time ago.
I think that seems low.
Thinking about clothing, extracurriculars, school fees/tuition, birthdays, Christmas...
Hell, our grocery bill is at least $1600 a month lol. I wonder if it's different for us (Canada) because we don't factor health care costs into that. Our medical is covered.
Oh whatever. There's so many ways to be frugal. ie not spending money on iphones and ipads for your kids...
Our bill is $200-300 a month for two (and a half...baby is just eating little bites).
Quoting Randi02:I think that seems low.
Thinking about clothing, extracurriculars, school fees/tuition, birthdays, Christmas...
Hell, our grocery bill is at least $1600 a month lol. I wonder if it's different for us (Canada) because we don't factor health care costs into that. Our medical is covered.
What is your baby's favorite food right now?
- Cafe Kelly
on Jun. 15, 2012 at 2:27 PM