Starting a family — it’s a roller coaster of new experiences, proud moments, and obstacles to overcome. So much will change; your priorities, sleep schedule (oh how it will change), and daily thoughts.
And, it just might be the most rewarding challenge that you ever undertake.
Before you start on the journey, it’s important that you also take time to consider the financial angle of starting a family.
I’ll dispense with the scary bits first: raising children is an expensive proposition. The U.S. Department of Agriculture estimates that a middle-income family will spend an average of $12,980 per year to raise one child, not including any savings for college. Up to the child’s 18th birthday, this is a total cost of $233,610 (per kid).
Let’s pause here so you can take a few deep breaths.
To be honest, big bold headline numbers like that aren’t particularly helpful. The cost of raising children will be different for each and every family.
For example, if the home you live in has enough space to accommodate your expanding family, your costs would decrease considerably. Note that 29% of the total cost estimate from the USDA comes from additional housing costs.
Try out this easy-to-use calculator for estimating the cost of raising YOUR children.
First, you’ll plug in estimates for ongoing costs for housing, food, transportation, childcare, education, foregone income, and so on.
Then you’ll input estimates for one-off costs like a crib, stroller, car seats, and baby proofing.
Once you’re through with that, you’ll have built up a custom-fit estimate of the cost of raising your children.
If you’re considering starting a family, here a few resources to help you get ready:
For a glimpse into the day-to-day life of families raising children, check out:
Each and every family’s situation will be unique, but you owe it to yourself (and your little one) to get prepared for the exciting changes to come. Good luck 🙂