What is the annual cost of raising a child?

Answer 1

I feel this answer actually has a few answers, which probably varies from each family. But to best figure this up for yourself, imagine what it annually costs to take care of yourself. Then figure yourself with one child and now in an extra room house, instead of what you are in now. Because do you want to loose all your space for a child? So figure in another room, and do a house search for yourself in the region you want to live in to see how much that house will cost you extra annually. Now after you have done that, figure your electric, water, natural gas (if you have that in the house you will have). I would say to add about a forth of that and that will be about how much your utilities will raise up, maybe more, if you allow your children to adapt to wasting these things. You have to teach kids to turn it all off, and if they don't, your bills will probably raise more, and also imagine probably more also when they become a teenager, especially if they are female. Now think of how much you spend a year on clothes. Well think of how often you buy a new wardrobe also, because with kids, they grow out of their clothes often and they have to get new ones often. According to their age, they may need new clothes once or twice a year, I am not meaning to have new clothes, but to have ones that fit. I like to buy mine a little bigger, and then they can grow into them. So figure spending as much on their clothes as your own. And when they are teens, possibly more, and I don't think this changes much with gender, teens want to fit in and even if they have a uniform to wear at school, they will still want to fit in as they get preteen on through the teens, for when they aren't at school.After figuring that, think of how much you spend on food, I would almost double (double what you are used to now)that price for each child, and take just a little off, now it won't be that after they are off baby food, etc, but when they get older, they eat more, as much as you as a teen. But you don't have to buy two things of oil because you have a child, so that is why I say take a little off. Not much. If any, because also think not only of food, but toiletries, add the same as you spend on yourself. And when they get sick, add more, cause then you have tissues to have a lot of. Around the begininng of school, look also at school lists from local schools. They usually have them in Walmart, take that list and go see how much all that would cost, add school clothes, and that is how much you will also need when they become school age. Also don't forget the climbing prices of things over time, so probably more than that. Figure in Christmas or any other holidays you may celebrate, birthdays, etc. You are the parent, and will be the main provider of gifts and parties. However much you want to spend each time, add that to your cost annually also. Don't leave out valetines, July forth etc, where you may want to get them fireworks, etc. Also Valentine cards for school, etc. There is lots of little holidays we don't give much thought too, but usually cost a little money. Think of how much gas it will cost to take you child everywhere they need to go. Hospital, Dr.s appointments, school, dances, mall, etc. Add that to your annual cost also. If you are going to save a college fund, add that in, college is a lot. Add in medical expences, one of my children, costed $10,000 to just give birth to, and that was in 1996. Think of how much that will be now. Or later. Oh, think also of furniture they will need, any extra activities they may want to do, and is good for their growth. Sports, music, etc. Think also of accidents, and how much you will need to replace at terrible twos, etc. Carpet, if you have it will probably need to be changed more often. We used to take our shoes off at our last house, and it still messed up fast. I also don't let my kids eat and drink anywhere but the kitchen. If wasn't for that, how many new couches and beds, etc would I need. When they are babies, count on more spent on diapers, even if you get cloth, you will have to wash them, making more electric and water used. Also, price you formula, if not breast feeding. You need a lot of that a month, and baby food and cereal. Also, you will wash more clothes and probably wash more of everything.I may even be forgetting some things, but this is a list to think of. And it certainly gives you something to go on. The best way to find out is to research. More than likely it will cost more to raise a child, if you have a lot of money than it would for somebody who is raising a child with almost no money,because we usually change our lifestyles according to how much we have.