How Expensive Is It To Raise A Family

Advisor January 15, 2018

Parents will always understand that having a baby is both a bliss and a headache. Babies are bundles of joy and they make couple somehow complete, although not all couples choose to have babies – and that is still okay. Economically speaking, having babies at a young age can be a difficult task.

In Japan, kids are being taught to do the basic household chores

The U.S. Department of Agriculture estimated that the cost of having a child is at $224,000 from the day the child is born until he/she reaches 18. That is a hefty amount of money, but for parents, it’s still worth it. Taking the step to parenthood means that we have to be financially ready, but that doesn’t mean that we have to wait until we do. The fact is, we can never be ready. There are many couples who have had unplanned pregnancies but still made it through and was able to adjust well.

As what people say, kids are truly the parent’s wealth, literally and figuratively. Here are the factors contributing to what makes raising a child expensive.

Housing

Building separate rooms and nursery for the kids can eat up hundreds of dollars

Housing is one of the biggest factors why raising a child can be very expensive. Couples who are expecting a child have a decision above their heads to move out to a bigger space to make room for the child’s nursery. The Department of Agriculture also includes the furnishing the kid’s room like the bed and sheets, which can also be costly.

Providing the basic necessities

These include food and clothing, which can be very expensive and has to be purchased on a regular basis. If left unchecked, food and clothing consume most of our monthly budget. Baby food, formula, and diapers are also very expensive, and since these are still babies, nutrition can’t be compromised. In fact, food is the second highest contributor to the expenses of raising a child. This article is not insinuating that a parent should know how to cook, but having basic cooking skills can benefit the entire family- especially on the financial and nutrition aspect of it.

Education

Basic education nowadays is not that basic anymore. Parents carry the financial burden of the school fees. Since this approximation is only up to 17 years old of the child, college tuition is not included anymore. Aside from the school fees, parents also have to pay for extra activities like proms and school tours. Not to mention the allowance they have to give to their kids on a daily basis. But despite the expensive industry of education, it’s still a no-brainer question whether parents send the kids to school. Because education is a basic right, we have no way out of it but to save money for the future of our kids.

Child health care

The average American spends $4,000 to basic child health care

Health is wealth and this is a statement that stays true regardless of age and economic status. That is why childcare is a very expensive commodity. Since kids are very vulnerable to diseases and bacteria, it’s best to have a separate health insurance for them. We can’t also self-medicate them that is why we have to have them checked by professionals even the slightest hint of being unwell.

The extra-added expense

Here, we are going to put all the things that we can’t categorize the mentioned factors above. The extra-added expenses include the accidents that our kids have done in school. The bake-outs that the PTA moms host on annual basis. We can also include here the gadgets that we spoil our kids.

The average age of kids receiving their first smartphones is 10 years old

It may sound like a simple thing to do, provide a means of communication for our kids through phones but it can indicate more zeros to the bill if we total the amount of the phones we have given them. Not to mention the birthday and Christmas gifts that the society dictates as necessities. The expensive play stations and gaming systems that we have spoiled our kids into. All these things can factor into how much we should budget when we start a family.