The Cost of Growing Up: Year-to-Year Cost of Raising a Child
We noted in our last blog post that August is one of the most popular months for childbirths, so we're
continuing with our theme of babies and children this week. From birth until age 18, the cost of raising a child as risen to an average of $235,000, with middle class families averaging about $350,000 per child.
Now, 30 percent of those numbers are related to housing costs, but that still leaves a solid chunk of change to think about. What costs so much? Lincoln Savings Bank is here to give you a simplified breakdown* of the most common costs for your children up to age 18.
Birth - 5 Years Old
- Average childbirth and hospital stay: $9,700 ($12,500 for C-sections)
- Diapers, formula and food: $50/week, about $2,450 per year
- Clothing: $20-$50 per month to adjust for growing child
- Child care: $150-$250 per week
- Stroller and car seat: $400-$500
- Pre-school costs: $5,000-$13,000 depending on the school
- Recreation/sports costs: $300-$1,000 or higher (depends on number of sports played and level of play)
- Education at a public school: $40-60 registration, additional costs for school lunches or other minor fees
- Clothing: $30-50 dollars every month and a half to two months
- Toys, movies, entertainment: $100-$200 month
- Public school education: middle school- $40-$70 for registration + school lunches and activity fees; high school- $65-$80 for registration + school lunches, specific course fees, activity fees
- Auto insurance for a 16-year old: $1,000-$4,000 based on gender, location and vehicle
- First car for a teen driver: $2,500-$5,000 (depending on type of car and how much your child will pay
There are of course many other costs associated with raising a child, but we wanted to give you a look at some of the most popular costs. You should also look into adding your child to your health insurance and any costs in setting up and contributing to a fund for your child.
Lincoln Savings Bank can help with these or other items to help ensure your family's financial stability for years to come. Just get in contact with us today to get started.
* This breakdown is provided by Lincoln Savings Bank as a guide. Numbers used are averages, and differ based on your unique situation.