Have you ever wondered how much it costs to raise a child? Well, I did too, and that’s why I compiled this list.
Children are expensive. Before they even start school, you need to pay for day care, food, diapers, doctors, and everything else that the baby could conceivably need. After that, when they start asking for toys, electronics, and god forbid cars, you need to consider the overall cost of raising your child. Here’s the rundown.
I learned this from the website www.babycenter.com, which has a very handy and easy to use cost of a child calculator. Assuming you make over 60,000 per year, here are the costs.
Housing: $5,800 per year. This includes the extra amount you’ll spend annually on shelter including mortgage, interest, property damage, etc; utilities such as gas, electricity, and water, and home furnishings like beds, wallpaper, desks, and cribs.
Food: $2,000 per year, including all of the extra money that you will spend on food and nonalchoholic beverages (doesn’t include the extra alchoholic ones you might need!), restaurants, and food at school.
Transportation: $1,750 per year. This figure includes extra insurance, finance charges, gas, oil, and repairs. It also includes fees for field trips and busses for school.
Clothing: The calculator said $580 per year, but I find this to be a little subjective. You can always save money through hand me downs, but you might also have a little diva who needs a few extra pairs of shoes and shirts.
Healthcare: $950 includes the additional health insurance expenses, as well as band aides, baby powder, and tylenol that you might buy on your own.
Childcare and Education: $3,520. This includes school supplies, books, daycare tuition, and athletic fees. The price may change for you depending on if you send your child to public or private school.
Everything Else: The price of $1,640 includes the amount spend annually on personal care items and entertainment for your child.
College: We all want our kids to get ahead in life, and college is a great way for you to help them achieve their goals. As of 2011, the average price of four years of in state public college tuition, room, and board is $78,380, but is bound to increase by the time your kid gets the that age.
Total Cost: Including college, the total cost of raising a child from birth to adult-hood is $400,940. Essentially, this means that you are making a decision between having a child or buying yourself a brand new Lamborghini. It’s up to you.
Published in: Family