The Costs of Raising a Child

You might be emotionally ready to have a child, but are you financially ready? Today, the Huffington Post detailed the approximate costs of having a child and raising him/her until they reached 17 years of age, and the numbers, although conservatively low, are still astonishing to first time parents who might not realize how much it truly costs to raise a child. $300,000 is the magic number for a middle-class family but estimates of upwards to $900,000 if lost wages are factored in due to stay at home parents. Eight reasons why parenting has gotten pricier are detailed in the article.

1. Housing

2. Food

3. Transportation

4. Healthcare

5. Extracurricular Activities

6. Technology

7. Child Care

8. College

So are you financially ready? Remember, these are numbers that are very generic and do not include circumstances that we cannot predict. Being able to have the finances to properly raise a child while not struggling is what should be the ultimate goal. If considering a parenting partnership, make sure that finances are top priority in talking points and discussions. Money is the number one cause of disagreements in relationships. So keep that in mind and make a plan with your partner.