Children are so cute to handle. From birth to nearly 18 years each parent needs to make the expenses for their child. So raising a child is one of the most rewarding experiences of your life. Therefore, depending on the country and the family basis each expense may differ from child to child or family to family.
The cost of having a baby can be higher than you think. There are so many choices to make, from decorating a nursery and buying children’s books to watching the graduation walk. Therefore, the very first thing you need to consider is the financial impact of bringing a child home from your budget.
As you grow out of your current wardrobe, you need to cover the unexpected expenses as well as the maternity clothes you want. And also with a little advanced planning, you can increase your savings and adjust your budget to make it easier to manage your money after the baby is born.
According to the USDA report, in 2015
- Families with higher income spend $372210
- A middle income married couple annually spend $233,610
- A lower-income family spend $174690
For a child from birth to 17 years.
01.Major costs of a child
There are major expenses related to a child. So if you are willing to raise a child you need to identify them clearly and make the sufficient measures for them.
- Basic necessities(foods, clothes, shelter)
- Medical care
- Child care
- Educational fees
- College expenses
1.Cost for the basic necessities for a child
Basic necessities are the foods, clothes shelter, security etc. These costs differ from each cost according to the family state income state and budget planning.
1.Housing Costs for a Child
Housing costs or the accommodation cost may seem to be the biggest expenses of raising a child. This might be 26% of the costs for high-income families, 29% for middle-income families and 33% for low-income families. So the costs will be mortgage payments, home repairs, rent, property taxes, furnishings, utilities, equipment and more.
2.Weekly Food Costs for a Child
|For one child,|
|The median cost per week|
Above table shows you how the food costs flow according to the age limits of the child. So roughly total food expenses will be $200 per kid for a month.
3.Weekly Clothing Costs for a Child
|Age of Child||Clothing cost|
|0 to 2||$13.33|
|3 to 5||$10.41|
|6 to 8||$11.87|
|9 to 11||$12.08|
|12 to 14||$14.35|
|15 to 17||$15.20|
According to USDA Kids will spend $737 per year on clothing. However, this expense may differ from each kid and their favours. Therefore, it might be $16 for a week.
|Age of Child||childcare/education costs|
|0 to 2||$42.5|
|3 to 5||$39.79|
|6 to 8||$26.87|
|9 to 11||$39.79|
|12 to 14||$23.12|
|15 to 17||$26.87|
If you don’t have a job or you are unemployed you don’t need to spend on child care. And also if you don’t travel around the world like most summer lovers, we will most likely drop out kids in summer camp. So fees range from free to $60 per week. On the other hand, If you are working you need to make arrangements with a childcare center or nanny to keep your child.
After they passed 4 or 5 years you need to attend them to preschool or primary education. Education fees include field trips, school supplies, and occasional items such as new books, bags, calculators, etc. Therefore, education expenses total about $200 per kid per year, around $50 per week.
Average center-based daycare expenses in the United States:
- For infants: $991 a month, $247 per week
- For toddlers: $847 a month, $211 per week
- preschool-age children: $771 a month, $190 per week.
02.The Average Weekly Costs for Child – In Each Ages
|Age||The estimated median cost per week|
|2 and 3 Months||$75|
|6 , 7, 8, 9 Months||$300|
|10 and 11 Months||$325|
|0 to 2 years||$180|
|3 to 5 years||$190|
|6 to 8 years||$180|
|9 to 11 years||$198|
|12 to 14 years||$207|
|15 to 17 years||$210|
The above table shows you the estimated median costs for a child according to the ages. And also you can go through the below details in order to have more information about the weekly cost of a child according to their age groups.
1. Baby costs
Because the baby needs maternity care, the first month of your baby’s life may be expensive. Then the estimated value might be around $2500 per week. And also $10000 for a month. Then for the second and third months, the baby needs formula and diapers. However, if you only feed him by breast milk you don’t need to spend on baby formula. But, most of the mothers are employed so the child needs powdered formula. So the powdered formula costs $20-$70 per week. And also you need $20 on the diapers and wipes for a week. So the estimated weekly amount is $80.
For month four you need to have your baby in-center child care if you are an employed mother. Therefore average weekly childcare costs for a baby will be $199 for a family care center, $211 for a daycare center, and $596 for a nanny.
At the age of 5 or 6-month, a child needs solid foods. And he needs new clothes also. However, the 7, 8, and nine months are the crawling age of a child. So you need to take the relevant steps to put up safety gates, install door locks and knob covers, and outlet plugs. And also the age of 10, 11, 12 months you need a babysitter. it cost you $14 per hour.
2. Cost for a toddler
A toddler who is 2 and 3 years old child will cost daycare expenses. the weekly cost for a toddler is $188 and the average falls $9050 for a low-income family. And also for a middle-income family, it might be $12400 annually, $260 weekly. A high-income family will afford $20500 for annually and $430 weekly for a toddler.
3. Preschool age child cost
A primary age child also needs to attend the child care center and the preschool. So the total annual income maybe $8700. The biggest expense for the preschool-aged child might be the cost for preschool and the child care centers. Average child care costs fall $1900 annually. And also there are $600 health care costs.
4. Grade-schooler costs
the child who is in 5- 12 years is the grade-schoolers. There is a school grade according to the age groups of the children. Therefore, 5-6 years are Kindergarten. And 6-7 years in first grade. Then up to 12 years likewise. The average cost is $10000 annually. So the weekly costs maybe around $200.
5. Costs of teens
Teens have so many expenses. Some of them are tuition fees, cell phone and related costs, costs for various accessories, date night expenses, etc. As a teenager, they can earn something extra for their expenses. But their parents also have to spend some money on them. Mainly for health, food, clothing, and education. So the annual costs maybe $14000 for a teen.
The largest expense associated with the cost of raising children is housing. This can easily make up a sizeable chunk of a parent’s budget, especially when you factor in mortgage or rent payments, taxes, insurance, repairs, utilities, maintenance, and basic household goods.
According to Consumer Expenditures Data for 2020, the typical household spends a mean amount of $21,409.19 on housing per year.
Meanwhile, Census Bureau data shows that the median household income in the U.S. was $67,521 in 2020.
Going by those numbers, you could assume that families with children spend roughly 32% of their income on housing.