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There was a recent article in Yahoo News Feed, about how much it is going to cost to raise a child through the age. Their estimate is $221,000. That’s unbelievable.

Here is an excerpt from that article

“A government report released Tuesday says a middle-income family with a child born last year will spend about $221,000 raising that child through age 17. The report by the USDA’s Center for Nutrition Policy and Promotion identified housing as the largest single expense, followed by food and child care/education costs. The $221,000 in expenses rises to about $292,000 when adjusted for inflation.”

That’s an awesome number for new moms and new dads to consider.

I know diapers are expensive, but come on!  This article does need to go into more detail. I did the kind service for all the new dads out there and pulled out some numbers.  After the below article, I broke it down 7 possible expenses to get your mind thinking of where could all your hard earn money go to.

The breakdown assumes the child is breastfed. It would be more expensive if the child wasn’t.

Here are some of the expenses that a new mom and a new dad will face

Diapers: $40 per month for about 3 years. $1440 in those three years

Clothing: I am guessing at $500 per year. That’s only $40 per month and is likely on the low side. But at this rate it ends up being $8500 by the time the child is 17.

Medical Insurance: about $200 a month (depending on the job), $2,400, $40,800 for 17 years

Food: As a kid, about $40 a week or about $21,000 to the age of ten, teenage boys about $75 a week or $27,000 for the teenage years. Those teenagers can eat!

Celebrations: (Birthday and Christmas) About $200 a year or 3400 for 17 years. That is on the cheap end.

Sports and Recreation: again, let’s just say $200 a year (could be a lot more). That’s another $3400

Odds and Ends: treats, movies and excursions. Let’s add another $200 a month. Another $3400

Daycare: Assuming both parents work, we’ll estimate $150 per week for 10 years. That’s $78,000

These are expenses that a parent should expect. Some moms and dads do not need daycare. That is a huge savings. With all these estimated numbers added up, that is almost $187,000 being spent on just one child for their first 17 years.

Let’s try something here. If we took that $11,000 each year and invested it at 6% for 17 years you would end up with about $360,000 in the bank.

It takes a lot to be a real mom and a real dad to you kids. It takes time and money.

Mind numbing, isn’t it. Just remember though, your child is priceless. And in these tough economic times, think about the impact that you, as a parent, have on your child. You are the best role model they have. And you can help them learn fiscal responsibility.

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