The Average Cost of Raising a Child

Germany To Face Shortage Of Child Day Care Centers

For many people, the experience of having and raising children is considered priceless.  The task of parenthood is something that people take on with seriousness and pride. Most parents will tell you that the joy of bringing another human being into the world and watching them grow is something that no one should miss out on.  However, what parents often fail to mention is that raising a child is anything but priceless; while the cost of raising a child varies on your needs, income, and geographic location, one thing is for sure: babies, children, and teenagers come with a hefty price tag.

In recent years studies and articles have revealed the unbelievably high costs associated with raising children. A Fox L.A. article released in Feburary 2014 revealed that the cost to raise and financially support a child to age 18 will somewhere between $190,000 for low income families in rural parts of the country and $300,000 for middle class families in other places; costs are even more for those living in the Northeastern part of the country; this number also does not include the price of a college education which can cost as much as $40,000 per year.   These high figures can be linked to several things, including  the cost of child care which ranges from $4,000 to $16,000 per year depending the child’s age and geographic location and for many parents, sending their child(ren) to daycare is an unavoidable expense.

Food, clothing, transportation, and shelter are also necessities that cost parents money, and unfortunately, most parents’ working wage is not keeping up with what they must spend.  Since the economy began its downward spiral in 2008  the average American’s Annual Household Income has experienced a significant drop.  Parents everywhere are attempting to lessen the blow by cutting back on spending; many families are participating in carpools, and enlisting friends and/or family members instead of high-priced daycare centers. Many financial advisors also encourage parents to attend money management classes and also look for programs that allow their children’s medical expenses to come out of “before-tax dollars.” However, when it comes to a child’s needs certain expenses are inevitable.

Even with the amount of spending that goes with raising a family, parents all across the country – and the rest of the world – are finding ways to make it work.  Raising America’s newest generation isn’t easy – and it sure isn’t cheap – but it is certainly not an impossible feat for those who are informed and able to be a little more financially responsible.

(Photo by Sean Gallup/Getty Images)

Written by Camille Moore

Camille has a master's degree from Saint Joseph University's Writing Studies program, and she currently works as the Writing Center Assistant Director at a small university in western Pennsylvania. Camille's writing has been published on several websites, and she enjoys writing articles and short stories in her spare time. You can follow Camille on Twitter @CamealAshley.