Financials of A Growing Family

March 27, 2022

Ideally, there should be a lot of thought placed into having a baby and growing your family. If you are reading this, you already know that though raising children is a delight, there is no two ways about it—-Kids are expensive!


According to the Consumers Expenditure Survey from 2015, the cost of raising one child per year was approximately $13,000. In 2021, the USDA estimates caring for a child is now close to $15,000 per year.  As you can see, you will need to expect that as your children grow that the cost for caring for them will also grow.

There are multiple factors that contribute to just how much it costs to raise a child. Per the research, low income families spend less raising children than middle and high income families. It’s also noted that single parents spend less than married couples. As a generalization, these facts logically make sense. High income families have more funds to spend on their children; therefore, they do. For example, a high income parent may choose a tuition based school for their child that touts an advanced curriculum superior to public education.

Some factors related to the cost of raising children are housing, food, transportation, daycare/education expenses, clothing, health care, and miscellaneous category. The calculator below is based on the estimates of the US Department of Agriculture. If you click the link below, you can get a personalized estimate on how much it will cost you to raise your child/ children based off of the national average.  Please remember that every family is unique, and  the information is just an estimate.


Calculator


Though the financial burden is steep, having children is a fantastic experience. Kids are so fun to enjoy . Every phase of growth has a certain kind of magic associated with it. For example, there is nothing quite like snuggling a newborn. It is so fun being a parent and hearing the first words, watching their personalities begin to shine through, or taking a family vacation that makes that small face light up with excitement. If having a child is something you are considering, you have gained the knowledge of the financial responsibility and are able to be more prepared for your little one.