Food, clothing, tuition fees, bigger home, bigger car and recreational activities are the major drill down of expenses you need to consider when raising a child in the United States. According to some online sources, the estimated cost to nurture a child from birth until age 18 ranges from $200,000 to $250,000 US Dollars. However, if you decide to add four more years for a college education that’s an extra $10,000 or more to your budget. So if you plan to have more than one child, you now have an idea how much it’s going to cost you.
For a more structured approach, let’s divide the estimated cost by 18; raising a child will cost you about $11,000 USD per year or close to $1,000 USD per month. Child care is often more expensive until the kid reaches middle school. Thus, the first 12 years demands more fractions in your financial plan.
There are families who find ways to lower down the cost of raising a child yet never compromises their upbringing. They look into the expenses that can be avoided or negotiated as detailed below.
You are likely to spend $2,900 USD yearly for a bigger home; that’s about $52,000 USD for 18 years. Some would only spend $700 USD yearly and there are those who wouldn’t even have to spend which drastically drops $50,000 - $60,000 out of their budget.
Raising a child may also encourage you to add $1,250 USD yearly for a bigger car; that’s another $22,000 USD for 18 years. There are parents who are comfortable with the car they own slashing $15,000 USD from the total cost.
Instead of buying infant formula for baby under 12 months, practical moms do breastfeeding which gives them a thousand dollars savings. It’s of no cost but indeed a smart choice knowing that breast milk is the healthiest for babies. Feeding them with homemade baby foods also adds hundreds of dollars savings.
You don’t have to go to luxurious places to entertain and build your child’s imagination. Touring them in libraries, parks, museums and in other public events is helpful and friendly to your pocket. Simple toys can also add joy and entertainment to a child’s creative mind.
If raising a child is affordable or way too expensive, it all depends on your financial capacity and the smart ways you can think of when your parental instinct gets activated. More than all the above expenses, being there for your family is one essential need to raise a child. You don’t need to plot that in your budget plan and more often than not, it’s the one that’s truly priceless.