It is said that the benefits of raising a child far outweigh the costs…but what are the costs? Parents nowadays have far more to consider when it comes to raising children in today’s culture than their parents before them. With rising healthcare costs, dwindling school funds, and increased expectations, the cost of raising a child goes well beyond diapers, clothing and braces in these modern times.
Let’s go over some of the unexpected costs for raising children. Some you may already be aware of. Others may surprise you.
Baby Care
There is a great deal of cost when it comes to raising infants, from diapers to wipes to clothing. Baby formula can be quite expensive, but so are breast pumps and other necessary supplies for breastfeeding. Baby toys, strollers, and other necessary items can add up as well.
Healthcare
Of course, healthcare costs begin during prenatal care, and continue all the way through college. Check-ups, shots, colds, and prescriptions-all of those co-pays and doctor bills add up. Yet there are some other fees that parents don’t always anticipate. Things like sports physicals, injuries, or long term medical care are unexpected costs that arise.
Childcare
For many working parents, childcare is necessary. For full-time care, you can expect to pay anywhere from $5,000 to $16,000 annually, depending on the state you live in and how many children need childcare. Nannies, babysitters, or relatives caring for the child are other options, but for many families, this is a cost they should anticipate at some point in their child’s life. There are extra costs as well, such as extra food, formula, or diapers that need to be sent in.
School
The costs do not let up once a child begins school, even if they are attending public school. Many schools now include items such as paper towels and tissue along with pencils and crayons in their school supply lists. Plus there is the cost of field trips, fundraisers, and special school events, as well as hot lunch, etc. Many schools now have “pay to play” programs for students who are involved in sports or other extra-curricular activities.
These are just a few of the costs of raising a child. Clothes, shoes, entertainment, vacations, hobbies, birthday parties, college funds…the list could go on and on! Keep in mind, amid the unexpected costs, there are also unexpected joys and benefits of being able to raise a child.