August 17, 2018
The true cost of having a kid.
What does it actually cost to raise a child?
A hospital bill for a childbirth can run quite high. Births can cost as much as $70,908, depending on a wide variety of factors.1 Not to mention the costs associated with prenatal care.
Kids have to eat. Food cost can average almost $2,500 a year, according to the USDA. That’s almost $45,000 spent feeding a child by the time they’re 18.2
For households with two working parents, hiring help can be costly, averaging between $10,400 and $29,400 per year, depending on the type of care given.3
Children require an estimated $1,263 in medial expenses every year. That’s over $22,000 by 18.2
The cost of college at a private institution topped $33,000 a year for the 2016-2017 school year.4
Children outgrow their cloths fast! One estimate says the cost of clothing a child can be more than $1,300 a year, adding up to $23,000 to keep your kid warm.2
A bigger car, higher insurance, and extra plane ticket. Transportation is a cost not often though about when planning for a child, but those costs can average $3,263 a year! That’s a lot of gas money!2
Children need a place to sleep. A larger home, furnishings, and the cost that go with each can run a family over $9,000 per year. $162,000 by the time the child is 18.2
By age 18 that could add up to over $500,00.
1 BMJ Open, 2017. BMJ Open is a publisher of an online medical journal
2 United States Department of Agriculture, 2017
3 Care.com, 2017
4 The College Board, 2017