Not everyone wants to have children and that’s fine. Other who do or have already had children understand how much it can cost. The hospital bill, special food, medicines, diapers, beds, clothing, and so much more is what children need in order to thrive in this world. Why is it so much and why doesn’t this defer people from having children?
The cost of a child truly depends on where you live and how much you make. According to nbc news, “Daycare alone for an infant in New York City, can run $18,000 a year or more” (Fox). That’s just daycare alone. Add housing, toys, and food to that and you have about $31,000 a year.
A good way to avoid going in debt with just a child. Either don’t have any. Or estimate before you have one. Check your financial situation and understand how important these expenses can be and valuate the most important ones. A crib is important, and so is food and diapers. There are ways around this of course. You can ask your parents for hand-me-downs or go to garage sales. What’s the point in spending over $10 on a piece of clothing the baby will only wear for a month or so.
The same can be said about older children. College expenses are increasing, and many parents don’t save for their child’s college. Thus, they are sometimes forced to go into these loans with higher interest just so your child can stay in school. Something both really wanted but many families can’t afford that, and they have to drop out and return some other time when they have saved up.
The best thing you can do is prepare. Prepare for the unexpected. One can never go wrong with putting a certain amount each month from their paycheck into savings like when you want to start a family. You know you will be well off when the time comes. “Preparing for the future means taking care of today while keeping an eye on tomorrow” (When Little).
“Child care is unaffordable for many families. The costs leave children in questionable environments that can have long-term consequences for them and for our nation’s future” (Fraga). Yet, many people still bring children into this world, willingly. Will all that is going on today, it might seem a little crazy. But there’s nothing wrong with adding another member to the family. Someone to look out for and grow with. It’s a very special bond that makes being alive, almost worth it.
To be clear, having children is a big step and can lead to being in debt or taking out more than you can afford. It really depends on where you live and what you are making in order to properly calculate how much having a kid can cost. It’s average cost is around $130,000 with day care included. There are several ways you can prepare for this and ways you can cut down on costs like garage sales, cloth diapers, and saving now so you now you will be well off when the time comes.
Fox, Maggie. “New Study Shows It Costs $230,000 to Raise a Child.” NBCNews.com, NBCUniversal News Group, www.nbcnews.com/health/health-news/how-much-does-it-cost-have-kid-try-13-000-n705316.
“Family Financial Planning: When Little Geniuses Have Big Dream.” Morgan Stanley, www.morganstanley.com/pub/content/msdotcom/en/articles/little-geniuses-big-dreams.html?mkwid=spypir2A%7Cpcrid%7C76965830527774%7Cpkw%7Ccost%2Bof%2Bhaving%2Bkids%7Cpmt%7Cbp%7Cpdv%7Cc%7Cslid%7C&cid=ppc-spypir2A&msclkid=8311bdaa918a173f1e25e6302a5e5a31.
Fox, Maggie. “New Study Shows It Costs $230,000 to Raise a Child.” NBCNews.com, NBCUniversal News Group, www.nbcnews.com/health/health-news/how-much-does-it-cost-have-kid-try-13-000-n705316.
