The Breakdown Cost of Raising a Childby Mary Ann Romans | More from this Blogger 12 Feb 2009 07:05 AM
Bankrate.com has broken down the numbers for the cost of raising a child based on the total cost released by the U.S. Department of Agriculture. These numbers apply to an average family making between $44,500 to $74,900. • Groceries - $1525 year • Clothing - $606 year • Bigger home - $2900 year • Bigger car - $1250 year • Health care - $300 year • Education - $600 year • Child care - $4300 year (through age 11) • Recreation - $300 year • Additional insurance - $300 year • Gift giving - $330 year • Miscellaneous - $330 year For a total of $197,700 per child. If you make more or less, your expenses will be different. Other expenses that are related to a raising a child but not included in these numbers might be the cost of giving birth and a hospital stay, the cost of fertility treatments, the cost of adoption, or the cost of college. I really think that these numbers could be reduced by living frugally. By making smart choices, you don't have to spend as much as the average, at all. Also, if you have more than one child, your expenses shouldn't go up as much as with the first, if you take advantage of clothing, toys and equipment that you already have. Check back tomorrow when I go through each of these expenses and show you ways to reduce the cost of raising a child in each area. Mary Ann Romans writes about everything related to saving money in the Frugal Blog, creating a home in the Home Blog, caring for little ones in the Baby Blog and now relationships in the Marriage Blog. You can read more of her articles by clicking here or subscribe to the blog using the subscription box on the right. Favorite Deal Websites: Related Articles: Cutting Kids Hair at Home: Girls How to Save Money on Kids Pajamas Learn more about Mary Ann Romans  Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat. Relevantfrugal tags User Comments Samual (11722) 12 Feb 2009 07:33 AMWe don't have the problem of health care here, so in the UK we can wipe out the cost of that, here adoption is free as well unless you choose to donate an amount of your choice, Frank and I don't do childcare either, we have zero insurance but car and house so we don't have additional insurance, no education costs either, there is no way we spend $600 on clothes either, have clothes become expensive recently in america?  Mary Ann Romans (26876) 12 Feb 2009 12:33 PMTrendy children's clothes are pretty expensive. It seems like you may be neglecting your child if you don't have them. Memartha (306) 12 Feb 2009 03:49 PMAmy Daczyczyn's Tightwad Gazette did an article on this. It showed how to cut costs considerably. I forget which volume, but she's right on the money/tightwaddery on this one. Mary Ann Romans (26876) 13 Feb 2009 05:39 AMThat is probably considered the "Bible" of frugal living. Thanks Memartha Community Tags baby, can you afford baby, frugal living Discuss this article
|
Frugal categories |
