Raising a childisn’t cheap. Between constantly outgrowing clothes and the never-ending need for diapers, food, toys, and childcare, the costs pile up fast. And don’t even get started on strollers. Who decided a decent one should cost as much as a weekend getaway?
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Most parents underestimate how expensive kids are
The cost of having children isn’t exactly the world’s best-kept secret. If anything, it’s the opposite. Financial concerns are a major reason why many people delayparenthoodor decide against it altogether—raising a family requires serious financial resources.
Among the biggest financial burdens are food (21%), childcare (19%), and clothing (13%). For reference, theaverage cost of childcarein the U.S. for infants ranges from $400 to $1,500 per month, making it one of the most difficult expenses for many families to manage. Beyond necessities, nearly half of parents admit they’ve felt pressured to overspend on their children just to keep up with other parents or their child’s peers.
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To cover these costs, plenty of parents make personal financial sacrifices. According to the survey, 81% have cut back on their own spending, 37% have delayed investments or retirement, and 25% have put their own education or career on hold.
When you put it all together, the numbers are staggering.LendingTreeestimates that raising a child from birth to age 18 costs $237,482 in the U.S. This includes food, housing, transportation, healthcare, clothing, education, and other essential expenses.
“It’s completely understandable that people are scared to death of how they are going to pay to raise that kid,” Matt Schulz, LendingTree chief credit analyst, toldCBS MoneyWatch. “It’s daunting when you consider that we don’t even factor in the cost of college, for example, in these numbers.”
“Most people’s financial margin for error is pretty tiny, and a few hundred dollars here and there can be really significant when you are on a tight budget and living paycheck to paycheck.”
Nevertheless, there is a silver lining to be found. Despite the financial strain, 78% of parents say they’re happy with the number of kids they have, proving that for most, the joys of family life outweigh the costs. But that doesn’t mean it should be this hard. Parenthood is already a challenge—affording it shouldn’t have to be one, too.
Readers agreed her cousin was rude and advised her not to waste any more effort on her
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