What's the cost of raising a child?
How much do parents need to have to raise a child? From food, education, medical needs etc., what's a ball park fgure needed. Moreover, how can parents save up for this amount?
I'm sure this is a "serious," question. ....and no disrespect intended, but I did gasp when I read this. Even a "ball park figure" couldn't be calculated. My mind is reeling just thinking about it. The price of EVERYTHING fluctuates (mostly UP) in increments of years, so irradically......where do you live? What kinds of schools will your children attend? Activities, clothing, medical bills, food, athletics, entertainment, music lessons, danicng, gymnastics? Dental visits, pets, parties, proms, Sporting events, vacations, .......Save up for it? Really? If couples chose to SAVE UP for the total cost of raising a child, considering you are starting out as most average couples do (and you don't already have a small fortune in the bank)........You would be at LEAST 80 years old. Well past child bearing/rearing age. AND I AM QUITE SERIOUS. Maybe there's some website you can go to where some expert has taken the time and thought to try to figure this out......I can bet it wouldn't be correct anyway. There's only one way to know......and that's AFTER the fact, when you're sitting at home ....when the kids are grown and gone...and you're rolling pennies to pay the gas bill. and btw...they come BACK....with the grandchildren. Look, if you're planning on children....just have them.....and kiss your money Good Bye. That's my final answer. Good luck..
You don't have to pay it all at once so don't delay having a family until you have the money saved. It goes out in increments and somehow we, as parents, find the money.
Not to be funny but seriously, if you have $20, it will cost $30 - so if you are ready to give of yourself and share your life, and your wisdom with a child--do it.
Some people have figured that it costs about $250K to raise a single child. When one looks at incomes it is clear that that figure is clearly skewed. I can tell you as a parent of two children, our income needed to be enough to pay our bills and have adequate health insurance. We did some saving but that was to cover what our insurance did not pay for the hospital expenses. For our first baby we had a baby shower which covered most of our initial needs. We do have several savings accounts we use for college funds, we save $200 a month for both of our children. The rest we just adjust our monthly budget. It is easier budget wise one your child(ren) are eating regular food and potty trained.
The national estimate is that the cost of raising a child up to age 18 is about $300,000. This does not include any costs for college.
Saving this amount of money in advance is almost impossible, but since it's "pay as you go", most people seem to find ways to work it out.
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