My wife and I are first time parents and we are now two months into the “parenting” process. I made it a goal to track all of our child care expenses so I could truly report on the cost of raising a child.
Prior to us having a child I did some research and the consensus was that it costs roughly $14,000 per year to raise a child, which equates to roughly $240,000 (without college). Don’t get me started on how much college will cost for my child…
We are two months in and thus far we have spent $519 on my daughter in total. We have lucked out and received a number of hand-me-down clothes and toys, as well as a ton of gifts and gift cards from our baby shower that are still holding us over comfortably.
Cost to Raise a Child: Two Months In (2017)
- 1st month = $414
- 2nd month = $105
- Since inception (March, 2017) = $519