No matter where you are, you're going to have to do a lot of budgeting to prepare for starting a family. The specifics of the cost may vary depend on where you live in the country, your salary and your primary expenses.
But generally, just how much does it cost to raise a child in the U. This information comes from a U. Department of Agriculture USDA report from , using information from and figures in dollars. These numbers are for two-parent households. It costs more to raise a child the older they get and the more a family expands.
Certain expenses become more necessary while others need to be continually replaced. So as children get older and into different age ranges, the costs steadily increase. That steady increase holds firm amongst demographics and income ranges. These are averages, and it's important to remember that numbers can still vary depending on circumstances. Families who need to move to a larger home for their family will incur larger expenses than those who don't. Another factor that will play a huge role in child-raising cost is where in America you live.
Certain states and the larger areas where those states are clustered have wildly different costs than others. Check which prenatal medical checkups are covered by your insurance and how much will the delivery cost you out of pocket. You can buy some extra-wide, stretchy and baggy clothes. But after a while, you may need to add some items to your wardrobe. You can borrow them, thrift for them, shop for them — whatever is in your budget. And, you also need to determine whether you will be making any changes to your diet.
Pregnant women require more nutrients and an additional calories per day. Fortunately, some of the healthiest foods are cheap and can be bought in bulk like veggies.
Diapers, car seats, clothes… all these add up. While college and university education are usually considered the highest expenses for parents, the new costs start right away. Figure out how much baby gear costs in your area and make a list of everything you need. The good thing is that most of this stuff can be reused for the second child. Babies grow out of things so fast, and these clothes are usually left as good as new.
The calculator below is based on the estimates of the US Department of Agriculture. Just click on the link and input your information to get a personalized estimate. Those amounts represent what the average middle-income family spent raising their child. Is every expense involved necessary? Others are due to some families living in areas with a higher living cost. Another thing to note is that the amount estimated decreases after each child.
So, the first one is considered the most expensive, the second one — not as much and the third is the least expensive. So, how much does it cost to raise a child? Seeing how each case is individual, the best way to find out is by using a calculator that factors in your income and area of living. After I got my degree in translation and interpreting, I started working in a typical office.
To get away from my nine-to-five job, I ventured into freelance writing. One thing led to another, and I ended up creating content for SpendMeNot. I have been involved with this site ever since its launch — first as a writer and now as a content strategist.
When not busy with publication planning, I like blogging. Pet Ownership Statistics by State. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Table of Contents. How much does it cost to raise a child?
Having kids is a major financial decision. We strive to provide the best for our kids. After tracking the expenses over the years, in their latest report they have calculated the following average costs: 1. Source: United States Department of Agriculture If you are a parent with an organized spreadsheet of all of your expenses, you may have found that your costs were significantly lower or significantly steeper.
Source: United States Department of Agriculture Housing is considered one of the biggest expenses of raising a child. Source: United States Department of Agriculture Housing and food are some of the main expenses for all families. Source: United States Department of Agriculture This category includes tuition fees, supplies, books, babysitting costs, etc. Source: United States Department of Agriculture As was the case with high-income married couples, single parents with middle and high incomes have greater expenses.
Source: United States Department of Agriculture Obviously, this is notably higher than the overall national average. Source: United States Department of Agriculture For parents in the Urban South, the average is almost the same as the national average cost of raising a child. Source: United States Department of Agriculture In the Midwest, the total cost of raising a kid is below the national average. Source: United States Department of Agriculture According to the report, the total cost of raising children is lowest in the rural areas of the United States.
Source: Go Banking Rates Sounds steep? Source: Go Banking Rates If you are planning to have a kid in Alaska, well… You are going to have to start saving even to give birth. Cost of Raising a Child by Country And how do other countries worldwide compare in terms of costs? Source: deutschland.
Millennial Parents and the Cost of Raising Children How do millennial parents feel about these growing costs and stagnating incomes? Source: Bank of America According to the Better Money Habits Millennial Report, more than half of millennials have underestimated the costs of raising kids. Source: Bank of America Before most millennials decide to start a family, they ask one question. Source: Bank of America There are a lot of parents who prefer to take care of their children full time.
The average age of first-time mothers is Source: NY Times First-time parents nowadays are older than they were in the s. Budgeting for a New Baby If all of these stats scared you off from having kids for a while… well, it might be for the better. Here's an explanation for how we make money. This content is powered by HomeInsurance.
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All insurance products are governed by the terms in the applicable insurance policy, and all related decisions such as approval for coverage, premiums, commissions and fees and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. For parents, this creates added pressure to have a dependable income to raise their child or children from a baby to adulthood.
Many new parents make the mistake of underestimating the expenses required to have a child and raise it to the age of 18 or when they go off to college. It is important to be both mentally and financially prepared to have and raise a child. One way to prepare is to consider cutting costs where you can, such as:.
Health insurance is an obvious consideration, and you may want to do a little research to find qualified experts for advice about the best health insurance for families.
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