How Much does it Cost to Raise a Kid?
How much does it cost to raise a kid? Many people are dreading this question and most of all, it’s answer. Taking care of a young one and making sure all of their needs are properly met does indeed put a family under some financial strain.
According to a CNN report, raising a child born in 2013 until the age of 18 will cost the family 245,000 dollars. The report quotes US Department of Agriculture data. The sum is nearly two percent higher than the cost of raising a kid born in 2012. The income of the family and the city that they live in can have profound impacts on the cost of raising a kid. Here’s how this expenditure gets broken down.
Education: Most Expensive
According to the report, the most expensive part of raising a child is education. From textbooks and notebooks, to uniforms, transportation and various trips, social and club activities – they all add up to almost a quarter of all the expenses.
There’s still some light in the end of the tunnel – according to the report, the cost of education has been increasing at a slower pace over the past several years. The economic crisis experienced recently is one of the main reasons for this slowdown.
Many families are finding creative ways to bring these costs down. Used textbooks have been a common possibility for some time. Applying to different kinds of scholarships can also make scool education less expensive.
A big expense piles-up from pocket money and food. These items don’t the top of the list, but every kid needs a certain amount spend on such commodities and activities
If you want to spend less – invite children over and serve them cooked food. It will be healthier and will cost less than buying snacks every time they feel hungry. Apart from giving kids a chance to socialize, you’ll also be making sure that they consume wholesome, healthy meals.
Childcare and Babysitting
The cost of hiring a qualified babysitter can also contribute to the overall amount that parents have to spend during the first 18 years of their child’s life.
According to the CNN report, childcare often costs nearly as much as the family home. This is why many parents are looking inside the local community for ways to bring such expenditure down. Assistance from relatives and friends can also be relied on to refrain from hiring a babysitter, thus raising a child on a limited budget.
When thinking about how much does it cost to raise a kid, there are several major costs to take in consideration. The overall cost of living will also have an impact on family spending. The cost of gas and that of food will add to the amount, which is why doing a bit of careful planning before starting a family can be essential to giving kids the best that they deserve.