Average Cost of Raising a Child

Having your own family is a blessing that many of us do not acknowledge. Having a kid is one of the most beautiful experiences a person can have. Seeing your kid take his or her first step, giving you their first smile or seeing them off to school for the first time are memories that you will cherish all your life. However, in today's day and age, having a kid and raising him or her can be an expensive affair.

Many people actually put off having kids because they feel that they are not financial secure to take on the burden of rearing a kid. Raising a kid is not a joke. One needs to be prepared both financially and mentally to take on this great responsibility. Initially, parents will spend a lot of money on food, clothing and healthcare. Then more expenses get added.

The average cost of raising a kid from birth until the age of turning into a major is different in different countries. In fact, it can vary from city to city, depending on the cost of food, healthcare, education, housing, transportation and childcare. However, based on certain estimates, it has been calculated that on an average a single household spends about $222,000 each year. A family that is clubbed in the middle income category will spend about $11,500 - $13,500 each year and this amount will increase as the child keeps growing. Usually parents spend about 17 percent of the cost on childcare and 16 percent on education.

It may sound strange, but families that have more children tend to spend less compared to families that have one child. The reason for this is actually quite simple. If there are more kids in a family, they can share things like clothes, toys and even the bedroom. Also, the family saves money by purchasing food items in build. There are some schools that offer discounts if all siblings study in the same institution.