LONG ISLAND, NY – Did you know it may cost up to a quarter of a million dollars to raise a child? According toCNN Money, to raise a little one in 2013 to the age of 18, it will cost a middle-income couple over $245,000 which is up $4,260 or almost 2% from the year before.
Figures constantly fluctuate each year based on the average cost of housing, food, transportation, clothing, health care, education, child care and other expenses, like toys, clothing, cell phones and summer camp.
In retrospect, the cost of a child can nearly surpass the price of an average family home. Years after the great recession, 46.5 million Americans are still living in poverty according to a Census Bureau report.
According to CNN Money’s interactive graph you can easily see the cost of raising a child if you live in the Northeast region of the United States. To change the figures click here.
Parenting.com assumes that if prospective parents were to add up the total cost of having a baby before they conceived, the U.S. population would suffer a serious decline. On average, a middle class parent spends in the area of $12,000 on child-related expenses in their baby’s first year of life. Then by age two the average increases to over $12,500 per year.
Parents spend nearly $50 dollars per week just on diapers, formula and baby food alone. In addition, a baby needs new furniture and clothing which can get pretty pricey. Then, to top it off, one parent will need to make a commitment to take care of the child while the other one is off at work. That parent will need to work twice as hard to support their new born as well as make enough to cover the bills.
On the other hand, if one parent can’t commit time to take care of their child there’s day care, and nannies who watch over the child, but that alone can further empty parent’s pockets.
The Boston Globe provides a Unites States map which indicates the cost of raising a child at three different stages; as an infant, four years old and school age. According to what state parents decide to raise their child in, prices fluctuate based on the cost of living in that state. In Louisiana, the cost to raise an infant is $5,574 compared to the District of Colombia with a whopping total of $21,948. In New York, it costs $14,939 according to the Average 2012 Annual Cost Full Time Care Data.
CNN Money provides with an estimate of how much it will cost to raise a child from birth to 18 years of age. With all factors calculated together it will cost nearly a quarter of a million dollars to raise a child by the time they are 18.
For Families trying to get by,CNN Money published a list of ways to get through tough times while having a child:
MyFamilyClub provides us with tips and pointers to help parents manage themselves when they are ready to have a baby.
Having a baby is a big part of a person’s life. It is a time for joy, happiness and celebrations. Our economy is very rough, and it is difficult to raise a baby with the costs of living increasing every year. As much as parents will struggle supporting their children financially, they should understand the costs that they’ll need to take on while bringing a beautiful bundle of life into this world.
Check out this calculator from Babycenter.com which provides you with the average costs to take care of a newborn based on personal demographics and location.
While focusing on the costs of raising a child, just a little tidbit: don’t forget the costs of putting a child through college.
PHOTO: A little one wearing his Flipeez Hat. Price tag, another $10 or $20 bucks depending on where you pick-it up. Just add that to the list of incidentals. Photo credit: NewsLI.com.
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