There was an article on CNN about the rising costs of raising a child from birth to 18 years old. I wanted to see how I compare to the national averages, and here is what I discovered (remember this is over 18 years, not yearly; I just averaged mine out):
National average: $13,200
National average: $18,420
Ours: $4,071 (LO is under my husband’s HMO so we don’t pay copays and thankfully LO has been healthy)
National average: $30,900
Ours: Not sure. We bought a new car this year but it’s the same model I had even before we had a kid. We do want our next car to be larger though, so I would guess $10,000 on this one.
National average: $36,210
Ours: $5,934. I’m not sure how they came up with their number, but this is the amount we would spend on just LO’s food.
Child care and education
National average: $39,420
Ours: $142,560. This is the cost of child care (this doesn’t include college savings). I’m not sure what we’re going to do once LO reaches kindergarten. I’d like for him to go to the language immersion public school here that has high scores (and it’s free!), but it’s on a lottery system. I’m not keen on the public school near us, so if we don’t get into the language immersion school we may opt to go private school if we can afford it.
National average: $69,660
Ours: $44,502. I used what we pay extra for our two-bedroom than what we paid when we were in a one-bedroom, then added nursery and furniture stuff.
National average: $19,110
Ours: $90,913. This includes diapers, entertainment, educational toys, baby gear, college fund, maternity clothes, and toiletries. I think the college fund is greatly inflating this number though.
So yeah, it costs a lot to have a kid!