Cost of Raising a Child in the U.S. Swells
Nowadays, many would be parents are facing a lot of stress as of swelling costs in bringing up a child in the U.S. Costs of raising a child in the US has increased ten times since 1960. According to the latest estimates made by The Department of Agriculture (USA), a child born in 2007 would cost $204,060 to raise up to the age of 18. From the very moment your kid is born, your expenses start mounting. Often it seems to parents that these costs will never end, as parents always want to provide their children with the best products.
A recent survey conducted by The United States Department of Agriculture has stated that the expenses for child care, education, and health care after 2007 has increased in such a way as never before. For an average income family, the range is from $11,650 to $13,530 each year. Fortunately, The United States Department of Agriculture provides with a Cost of Raising a Child Calculator using which a parent can know an approx annual expense to bring up a child. Once you put the required data within the cells, the calculator graphically represents the Overall Estimated Annual costs of various things like food, housing, clothing, health-care, transportation, education and others. Moreover, keep in mind that you have to enter information like your region, income, and number of children in the calculator. However, only knowing how much it’d cost to bring up your kid is not going to solve the issue. You have to take some smart moves to fix it. Below are some necessary tips you can consider to reduce the expenses.
Instead of disposable diapers, make use of cloth diapers with snappy.
Purchasing branded items for your kid might be satisfactory to you, as you know that you are providing your child the best goods. However, if you only consider brands while buying food for your kid and not when buying clothes, you can save huge at the end of each month.
Apply the products once again, which you had used for your first baby. For instance, don’t throw the old toys or clothes of your first baby and rather use them for your second child. This way you can undoubtedly save a huge amount. Buying another crib is not a wise step when you already have one in your house.
Try to prepare food at your home rather than dining out every second day with your kids.
Prepare for your kid’s education from the very beginning. You can open a savings account for your child and continue to save until his college days.
Teach your kids the value of money and don’t spoil your kid at a very young age. However, always appreciate and gift valuables whenever they do something extraordinary.
Keep in mind that the cost of bringing up your kid differs from place to place. While south tends to have the lowest, north is supposed to have the highest. Again, in urban areas the costs are comparably higher than rural areas. However, if you have more than one child and you strategically plan while raising them, you can save huge in the long run.
*Post courtesy of Sidney Terrell, an associate writer with Oak View Law Group. Her expertise includes finance and investment. She has written several articles on debt consolidation, bankruptcy, bill consolidation and mortgage since 2005.+6
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