The Costs of Raising a Child Carolyn Washburn, MS Utah State University Extension

Your half million child…..? Children are priceless, but raising them is probably the most expensive thing you'll ever do. Here are some breakdowns on where the expenses may be.

Raising Costs of a Newborn The costs in the child's first year continue to add up. The amounts spent vary depending on whether one looks at a single parent, or two parent home, whether there is more than one child in the home, and what the income range of the family is.

In the first year alone, you can easily spend between $4,000- $6,000 for diapers, formula, baby furniture, clothing, baby gear, etc. If you go back to work right away, childcare can cost as much as $3,000-$4,500 in your baby’s first year.

Diapers If you plan to use disposable diapers, plan on spending between $2,000- $3,300 by the time your baby is potty-trained. Expect your baby to go through at least 7-8 diapers a day on average and spending $80-$130 a month on diapers alone (especially in the first few months, when changes are more frequent.) Cloth diapering can be just as expensive as disposables if you use a diaper service. If you launder them yourself, you can save money. It is estimated that cloth diapering costs approximately $800-$1,100 by the time your baby is potty-trained (without the diaper service.)

Baby Bottles a week on infant formula. Formula (up until your baby is one-year-old), will most likely cost between $1,000-$2,300. Plan to spend at least $40 a week on infant formula. You can cut your costs dramatically by breastfeeding for a year or more.

Baby Arrival Don’t forget about the delivery! It easily costs between $8,000-$12,000 for a normal delivery, up to $15,000 for a cesarean delivery, and much more if there are complications. If you are covered by insurance, it may cover most of the cost.

New Baby “Stuff” Baby Furniture/Bedding $400 Stroller $100 Car Seat $100 High Chair $75 Diaper Bag $50 Baby Monitors $50

The 2005 U.S. federal government statistics show the amount spent on a child in the first year varies from $7,300 to $15,190. These amounts break down as follows:

Costs for 1 year of child’s life Housing $2770-$5960 Food $1000-$1590 Transportation $880-$1830 Clothing $350-$540 Healthcare $550-$830 Childcare/education $1080-$2690 Miscellaneous $670-$1750

Housing This is the biggest single expense of raising children, comprising anywhere from 33% to 37% of the overall annual expense. Plan on a minimum of $200 a month per child. Each child takes an additional 100 square feet of housing space.

Childcare/Education $840-$5100 Day care: $330 + a month Public/Private Education Educational Toys and Books Educational Lessons (piano, sports) Piano $50 a month x 12=$600 Sports Camp $1,000

Transportation $800-$1670 Stroller -$50-$200 Car Seat $100-$200 These costs are about 13% of your budget: Car Gasoline Insurance Stroller -$50-$200 Car Seat $100-$200 Trike $50-$100 Bike $100-$200

Clothing $420-$640 7% of your budget or about $44 a month Relatives become a main clothing provider This cost has decreased over last 5 years

Healthcare $550-$830 Doctor Dental Illness Accidents Disability

Miscellaneous $700-$1700 Plan on about $50 a month of Unexpected costs. Toys/Books/Computers Sports Equipment Personal care items/Hair care Entertainment

Over the child's first 17 years of age, the cost is currently estimated to add up to $139,000-$279,000. However by the time a newborn reaches age 17 in the year 2022, this total is estimated with inflation to add up to $183,000-$366,000.

College Costs Public university tuition/fees $3,754 a year If the child goes to college, the costs continue to mount. Currently the costs are estimated to range from $4,000 to $80,000 over four years. Public university tuition/fees $3,754 a year Private university tuition/fees $15,894 a year Public university rood/board $4,033 a year Private university room/board $6,224 a year

The total of all these costs by the time a child graduates from college add up to...A lot! That's why any expecting parents should begin budgeting and saving today!

But $200,000 isn't so bad if you break it down But $200,000 isn't so bad if you break it down. It translates into $16,222 a year, $1,352 a month, or $318.46 a week. That's a mere $ 49.45 a day! Just a little over $2 dollars an hour. You even get to choose the name of your child!

Factors Affecting Costs Two Parent Family Single Parent Family Divorce

Additional Cost Factors Number of siblings Urban/Rural family Health care Income bracket (low/middle/upper) -upper income families will spend 2 x the amount that a low income family will spend per child.

Out of each $1.00

Ultimately, of course, nobody decides for or against having a baby based purely on dollars and cents. But monetary issues do play a role.

What do you get for $250,000? Naming rights. First, Middle and Last. Glimpses of God every day. Giggles under the covers every night.

Children are Priceless Planning and awareness are critical for well adjusted healthy children.

http://www.babycenter.com/baby-cost-calculator