By Kelly Hodges
As any parent knows, children are priceless. They would have to be, because they sure are expensive! Exactly how expensive is difficult to determine because there are so many variables involved, but a reasonable estimate of the cost of raising a child from birth to age 18 is around $200,000. That’s per child. Oh, and it doesn’t include college.
Becoming a parent will cost money; there is just no way around it. Diapers, cribs, clothing, food, babysitters, it all adds up! Then there are the big costs to factor in, like needing a bigger car, or a bigger house or one in a better school district. On top of the costs, there is often a reduction in family income when a baby arrives, as one or both parents may choose to cut back on work hours or leave their employment entirely to stay home with the new baby. Family finances definitely change when a baby hits the scene, but there are many ways to prevent parenthood from leading to bankruptcy. Yes there will be financial challenges and adjustments, but there are many frugal tactics that can be employed to ensure that the new addition to the family has everything he or she could possibly need or want.
Over the next few weeks we’ll take a deeper look into some of the major expenses of raising children, and how to save money in all these areas. We’ll look at frugal ways to get all the necessary equipment needed for a new baby, how to keep children well dressed on a budget, inexpensive activities to do with children, ways to save on babysitting, budget friendly family vacationing, as well as how to save on toys and food costs. Whether you’re a parent already or thinking about becoming one, there are many ways to save on the costs of raising children. Hopefully the upcoming posts will help free up enough funds so you parents can enjoy a peaceful night out now and again…without them. 🙂
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of her employer or any other person or entity.
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