What is the most expensive part of raising a child?
What is the most expensive part of raising a child?
Though there are many expenses included in raising a child, a few major expenses make up the cost of having and raising a baby to age 18. These significant expenses include housing, food, childcare, insurance, education and transportation.
How can we reduce the cost of raising a child?
To promote financial responsibility and to help people discover the lifelong joys of parenthood, here are five ways to decrease the costs of raising a child.
- Don’t Buy More Home Than You Can Afford.
- Save Restaurants for Special Occasions.
- Drive a Safe and Gently Used Car.
- Practice and Model Minimalism.
- Reduce Daycare Costs.
What is the most expensive time of a child’s life?
Parents spent an average of $12,680 a year on infants, while 15- to 17-year-olds cost $13,900 a year. “Teenagers are the most expensive,” said Mark Lino, an economist at the Agriculture Department’s Center for Nutrition Policy and Promotion, and the report’s lead author.
What is the cost of raising a child per year?
In its Expenditures on Children by Families report, the USDA puts the cost of raising a child from birth to age 18 at $233,610 for a middle-income family (married with two kids) — around $12,980 per year.
What is the cost of raising a child?
So, how much does it cost to raise a kid? The average cost of raising a child born to a middle-income, married couple is approximately $267,000 (in 2021 dollars) over a period of 18 years — or more than $14,800 a year per child for a typical two-child household according to a U.S. News & World Report.
How do you spend less with kids?
Tips for Spending Less While Raising a Family
- Cook at home. For the first time last year, Americans spent more money dining out than buying groceries.
- Shop secondhand.
- Set limits on extracurricular activities.
- Keep housing costs within your means.
- Look for alternatives to your existing childcare.
Are sons or daughters more expensive?
In a survey of more than 500 parents by financial resource site MoneyTips released exclusively to MarketWatch, parents say it’s the girls that cost you more. They estimate it costs, on average, an additional $2,160 a year to raise a daughter versus a son through age 18. But other research finds that boys cost more.