Congratulations on deciding to have a child! Now, get ready for the ultimate budget-busting adventure. Parenthood is an expensive journey that starts with pregnancy cravings and ends with college tuition fees. In fact, kids can be pricey, so it's important to know just how much they'll cost you over their first 18 years. Here are some numbers you need to know:
Babies are Hard on Your Wallet
First off, let's talk about the major costs associated with having a newborn baby:
Diapers and Formula Galore
You can expect to spend around $2,000 each year just in diapers alone — not including wipes or diaper disposal systems! And if you choose not to breastfeed your little one, formula could set you back up to an additional $1,500 each year.
Clothes That They Will Outgrow Quickly
Babies grow like weeds (and eat like horses)! You'll find yourself buying new outfits every few months as your bundle of joy outgrows everything they own. Don't even think about spending too much because at this rate clothes aren't going last long enough for them wears twice!
Medical Bills Are No Joke!
We're talking doctor visits and vaccinations because those are necessary part of keeping little ones healthy so don't mess around when it comes prescribing medication or checking-up regularly overall children health checkup annually plus preventive care measures will total $1000-$2000/annum , depending on factors such as where you live and what kind of insurance coverage available.
Bottom line? The first year of parenthood will likely set you back tens-of-thousands dollars!!!
Raising Kids Costs More Than You Think
Just wait until your baby grows into school-age kids who needs more stuff besides love and affection here's what else parents might end up paying for:
Kids love to learn and explore, which means you'll be shelling out for music lessons, sports teams, dance class—the list goes on. If they want more screen-time instead of joining in the extra-curricular activities considered trying flipping off from here.
Your little ones will eat you out of house and home! The average American family spends about $600 each month by dining out or buying groceries just feeding a family especially toddlers can took adequate amountsof breakfast,lunch,dinner plus snacks to keep their energy levels high productive as consider them not bargaining give away products.
With kids come carpools, after-school programs & getting caught up in traffic all with pesky items that need lugging around (think giant backpacks filled with books baking hot under the suun) involves transportation related costs parent's deals from taking Uber for dentist appointment or rushing school vans are not included.
Just How Much Kids Cost From Birth To 18
So what does it all add up to? According to one report raising a child born in 2015 through age 17 cost an approximate $233k!
Let's break things down into those respective years again:
|Category||Age Range||Estimated Annual Cost|
|Diapers + Formulae + Clothes + Medicine||Newborn - Age 1||Approx.$15K|
|School-related Expenses||Ages 6-18||Every year different depending upon schooling curriculam have advantages productively that could stimulate skills like $10k or higher|
That combined total might seem intimidating now but luckily there is no reason why parenting should put your financial well-being at risk.To summarise better communication, constant checkup of budget ,planning future goals etc essential.A done homework sure left no regrets as said 'Prior planning prevents poor parenting'.