$233,610 to raise a child from birth to 17

[misterman]

Interesting read if you have kids .... I have three kids and I am quite surprised that the average cost to raise one child from birth to 17 is $233,610 according to this article I read...

So since I have 3 kids, that's like over $700,000 for me ... totally in the poor house for me ...

[StormRichards]

We plan to save money by kicking ours out when she becomes a teen.

[disneysteve]

Interesting read if you have kids .... I have three kids and I am quite surprised that the average cost to raise one child from birth to 17 is $233,610 according to this article I read...

So since I have 3 kids, that's like over $700,000 for me ... totally in the poor house for me ...

This report comes out every year, and we talk about how ridiculous it is every year.

First off, the number doesn't multiply for each additional kid because costs don't multiply. Your 2nd kid can use the same crib and high chair as your first kid. Most daycares give a family discount for more than 1 child. So do summer camps. Your health insurance premium for a family is the same whether you have 1 kid or 6 kids.

As for the number itself, there are many ways to moderate expenses, buy used clothing and toys, cook from scratch, breastfeed, etc.

Of course, all of that said, that number breaks down to just under $13,000/year which really isn't an awful amount when you think about it.

[StormRichards]

Of course, all of that said, that number breaks down to just under $13,000/year which really isn't an awful amount when you think about it.

I agree the number in the article is completely ridiculous but $13k/year is a pretty significant amount for a family earning at or below the median household income.

That number of course doesn't multiply but it does increase with each additional child. Sadly that is not a consideration for a lot of couples in this country. This country has far too many families with 3+ kids that in reality couldn't afford 1.

[disneysteve]

I agree the number in the article is completely ridiculous but $13k/year is a pretty significant amount for a family earning at or below the median household income.

Sure, but a family earning below the median isn't spending nearly that much to raise a kid. That's part of what makes the number ridiculous. It is significantly variable based on income, lifestyle choices, geography, etc.

[phantom]

This thread in such close proximity to the work expenses thread makes me wonder how to classify the $14000/year that I'm currently spending on day care. Is it the price I pay to have a job or is it the price I pay to have a child?

[SavingMum]

Hi - first post!

We're on quite a low income, and my seven month old isn't actually costing all that much. It helps that I haven't had to buy him any clothes yet - his grandmas took care of that, and I didn't bottle feed at all. We've borrowed or bought second hand any equipment we need (apart from the stroller, the one big expense) and we're doing quite well at the moment!

The childcare costs are the ones I'm not sure about - I'm working from home so he's with me, but it's getting harder to complete my hours and look after him. But if I send him out, it's quite a big expense...

Ah well, I do think that giving it a "price tag" cuts out the rest of the picture - when he smiles, it's all worth it

[greenskeeper]

$233,610 divided by 4 gives a more realistic number if i had to take a guess at the actual cost.

[disneysteve]

OP is new so couldn't post a link but here it is:

http://money.cnn.com/2017/01/09/pf/cost-of-raising-a-child-2015/

29% of the cost is for housing - extra bedroom.
$37,378 is for child care

As I mentioned, the amount varies dramatically based on income, location, and whether you have multiple kids. The average cost per kid drops a lot when there are siblings due to economies of scale.

[LivingAlmostLarge]

Cost of loss wages in there if you have one SAHP? And where you live affects greatly the cost of daycare. I can easily see it could be lower than $13k for families making the median wage.