Can You Afford Your Child?
Childrearing is expensive. I remember how I couldn’t wait till I didn’t have to pay for childcare and thought it would be like getting a raise. And when I didn’t have to buy pampers anymore. But no raise…the money just went for something else he was growing into.
Statistics
According to a 2010 estimate by the U.S. Department of Agriculture, a parent will spend $160,000 to $369,000, (Updated in 2013 to $245,340 or $304,480, adjusted for projected inflation) to raise a child from birth to age 18. This does not include college. That is a staggering amount when most people I know don’t have six figure incomes.
The Bigger They Get, The Larger The Toys
As children get larger their toys get more expensive and their outings cost more. Slinky Action Zone was cheap compared to Tennis Camp, Ziplining, and White Water Rafting. I used to complain that my son didn’t eat enough to keep a bird alive, and when he became a teenager, I couldn’t keep groceries in the house.
How About You?
Are you experiencing the same thing?
If you would like to check out the actual cost of your child, use this handy calculator. http://www.bankrate.com/calculators/savings/raise-child-calculator.aspx
They Are Worth It
So children are expensive. But I still think they are worth it. The rewards of parenting are far greater than any expense I could ever have.
What are your thoughts about parenting in this economy and the cost of raising children today?