Are you considering having a baby? Maybe the current low unemployment and waning pandemic have made you feel ready to fulfill your biological destiny, and add another person to the world. Before you do, you should know how much it’s likely to set you back.
Research by the Brookings InstituteFrom birth to 17 years old, the cost of raising middle class kids is estimated at $310,605. This is an increase from the $233610 projected by the U.S. Department of Agriculture In 2015, and tThe culprit is higher inflation. In 2015, the projected inflation rate for 2015 was 2.2%The new figure is calculated using data from the period 1980-97, the last time that inflation was high. It also takes into consideration the Fed interest rates likely to reduce inflation Rate increases
Here’s the breakdown on what percentage of your $300,000 will be spent on what:
- ChildCare and education: 16%
- Transportation: 15%
- Healthcare: 9%
- Miscellaneous 7%
- Clothing at 6%
Before you throw in the towel at these bleak numbers, I think there’s a lot that’s not reflected in the Agriculture Department’s numbers. The Brookings math seems solid—I mean, solid for a prediction based on future interest rates—but the Agriculture Department’s report doesn’t put the cost of raising a child into the full picture of a family’s finances.
The secret Save! The importance of child rearing
As you can see from the Department of Agriculture’s slightly terrifying graphic, 18% of your total expenditure for your child will be wasted on food. Fun fact: Kids need to eat. Everybody day.) This sounds reasonable, but when you take into account your entire budget, it might not. Save A child can help you save money on food. My wife and me did.
As a young, unmarried couple, we ate out at restaurants once a week, and perhaps had a Sunday brunch. After having our baby, we stopped eating out as often as possible and started to forget about it. what “brunch” means. We saved a lot of money by eating alone during mealtimes. A child saves money at home, since many of our adult meals are composed of half-eaten chicken nuggets left on the floor.
This general rule also applies to money that we save by not traveling to exciting places. Also, don’t go to the movies. Also, no going to bars with friends or to see concerts. Und ball games, too! We spent even less on clothes because we prefer baby vomit to land in cheap shirts. Birthday gifts have become more affordable. We also lost our friends. These savings are slightly offset by the increased amount we started spending on marijuana, the modern parent’s best friend.
There are hidden savings to be made by having lots of children
The Department of Agriculture’s numbers are based on a single child, but in its press release, it acknowledges the “cheaper by the dozen effect.” Mark Lino, the author of the report said in a statement, “There are significant economies of scale, with regards to children…As families increase in size, children may share a bedroom, clothing and toys can be reused, and food can be purchased in larger, more economical packages.”
Two children are more affordable than three. Three children are even cheaper. By the time you have a fourth child, it’s practically free—clothes, toys, books, etc., are all hand-me-downs, and you don’t have to even worry about raising them too much. That’s what the For older siblings and brothers,
How much will it cost to send your child to college?
Your responsibility for your child doesn’t really end when they turn 18: Consider sending your son to college. My wife and I had a plan in place for college from the moment our son was born. He would be a genius and receive a full scholarship from Brown. It doesn’t seem to be working out, but there’s still time. From the moment he turned 18, I have not looked at the cost of college annually. But wait! Let me just—wIs this the real FUCK? Do you shitting me? $43,370 Year You want to go to a private school? He can also study dance. For $20,000, he can go to a public school. Is it too late for a socialist utopia to be created? Are we able to just move to Belgium?
Raising a child to learn an important trade
You already know that tThe world will always require electricians and plumbers.