Right from the pregnancy tests to the college of your kid, do you ever realize how much is spent on that cute little baby of yours? $241,080. Shocked, eh? According to The United States Department of Agriculture, the total cost to raise a baby is estimated to be $241,080. Yes, a middle class American family spends this amount of money on their kid’s upbringing. Now, if this is the total cost of raising a child, a budget should be planned and people should start saving right from the day they had decided to have a baby.
The child-birth costs around $5,000 to $10,000 and above depending on the type of delivery parents are interested in. Added to this is the amount spent on the baby care products. From diapers, toys, their clothes which are really expensive and gets small within weeks, the costs adds up to more than $3,000 a year. This also includes their formulas, baby food, cribs, etc.
Once the child joins a school, the expense increases even more. Food expense, tuition fees, transportation, housing (major portion), etc. dramatically increases the expenditure graph which is not going down now at any cost. Till this point parents had already spent thousands of dollars on their wards. The graph of cost to raise a baby keeps on growing and growing.
We can notice that this is kind of back breaking. What could be done in this case is starting a college fund at a very initial level for the kid. Saving is the key to all problems. And while saving is essential, parents must be ready for any unexpected and surprising costs adding up to the list. It is a part of life and could not be avoided. Also, this all is worth it once your baby becomes a responsible citizen of our great country. If you manage to save and use your hard earned money wisely, your family will definitely enjoy a very beautiful journey. You can even start saving from the pregnancy tests so as to give everything best to your baby and grow him or her in the best possible manner.