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Financially Preparing for Your First Child

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• Category: Parenting
• Dec 13th, 2023

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Many people dream about growing up and having a family, but very few people are practical enough to calculate how much it will really cost. The truth is that your dream come true can become your worst nightmare if you don’t plan ahead financially. Your new bundle of joy can end up costing a bundle unless you are organized and prepared to pinch every penny until it screams. In this guide, we will be discussing how to budget for your first baby, and practical action steps you need to take in order to secure your and their financial future. Let’s start with a look at the actual projected costs of raising a child.The most recent estimate for the average cost of bringing up a child comes from CNN Money. As of January 9, 2017, they estimated that it cost $233,610 in 2015 to raise a child from infancy to age 17. College years will obviously cost extra. The annual total parents can expect to spend is estimated at between $12,350 and $14,000 each year. The child is expensive in infancy because you need so many new things. However, there are ways of getting the essentials cheaply if you know what to expect.The cost of housing also makes up about one-third of the cost of raising a child, as people get a larger apartment or even buy a home and take on a mortgage in order to have room for their growing family.

Many people dream about growing up and having a family, but very few people are practical enough to calculate how much it will really cost. The truth is that your dream come true can become your worst nightmare if you don’t plan ahead financially. Your new bundle of joy can end up costing a bundle unless you are organized and prepared to pinch every penny until it screams. In this guide, we will be discussing how to budget for your first baby, and practical action steps you need to take in order to secure your and their financial future. Let’s start with a look at the actual projected costs of raising a child.The most recent estimate for the average cost of bringing up a child comes from CNN Money. As of January 9, 2017, they estimated that it cost $233,610 in 2015 to raise a child from infancy to age 17. College years will obviously cost extra. The annual total parents can expect to spend is estimated at between $12,350 and $14,000 each year. The child is expensive in infancy because you need so many new things. However, there are ways of getting the essentials cheaply if you know what to expect.The cost of housing also makes up about one-third of the cost of raising a child, as people get a larger apartment or even buy a home and take on a mortgage in order to have room for their growing family.

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