The cost of raising a child rose, but at only half the rate it did between 1980 and 1990. New MoneySuperMarket research reveals the hefty costs of raising a child and how much more parents will pay for their daughter than their son. ... Click Image for Larger Chart of Change in Expenses 1960-2010. Housing accounts for 33 percent of total child-rearing costs. Cost of Raising a Child . Email *. Geographic Factors It’s not surprising that location makes a big difference in the average cost of raising a child. High-Income Household The USDA defines high-income as making more than $107,400 per year. Sometimes it is difficult to relate to enormous numbers like these so, to putting it in context, your child is likely to cost you R256 a day or R7 785 a month. She believes that 30% to 50% of the cost of raising a child is incurred when the child enters university as it costs RM500,000 to RM600,000 a year on average to pursue an undergraduate degree in the UK or Australia. Add to this the average cost of a 4-year degree, another $100k-$200k, and kids look like a … That’s a lot of scratch. To get a better understanding of how your premium will be affected by adding a child to your policy, give your insurance company a call for a quote. The cost of raising a child is the same as ‘Basic Life’ above except your child decides to go to University for 3 years. The USDA estimates that (on average) raising a child to age 18 costs $245,000. According to Infographic World, the average cost of raising a child – from birth to 17 years old – in the US ranges from $12,800 to $14,790 every year.The country’s Department of Agriculture, with the help of its own calculator, has broken down the average cost into seven major expenses, which are the most important necessities to raise a child. iii) Mid Life. When calculating the costs of raising a child, make sure that you explore the cost of health insurance. Each year, the U.S. Department of Agriculture (USDA) releases an annual report titled Expenditures on Children by Families, also known as “The Cost of Raising a Child”. It can pay to do your research and get on waiting lists as early as possible. USDA: Expenditures On … The total figures come to £79,176 to raise a boy and £108,884 for a girl, a difference of £29,708. If you are on the hunt for a better plan for your family, here are two of my favorite resources. Your eyes aren’t deceiving you; it takes more than half a million dollars to raise a child. The cost of child care makes up a big portion of the determining factor for which states are the least and most expensive for raising children. That’s a lot of scratch. • New babies also need things like cribs, car seats, nursery furniture, etc. The high cost of child care, coupled with low teacher wages and quality concerns, is confusing to parents and policymakers alike. In 1960, only 2% of costs for raising a child pertained to child care and education. According to the USDA’s report, the cost of raising a child was very inexpensive. Raising a family is a common goal among many Canadians all across the country. While at the lower unemployed standard, the weekly costs of raising two children is $280 per week, or $140 a week per child. Nonetheless, raising a child is a costly endeavour. The cost, of course, depends on where parents send their children for tertiary education, says Chuah. Child care If both parents work full-time, the cost of day care will most likely be the biggest expense in raising a child, with costs ranging anywhere from $700 to $1,100 per month, per child, depending on your province and city. But with the cost of just about everything on the rise, it can seem next to impossible to afford to raise a child these days. Raising children can be an expensive undertaking, with Australian government data suggesting the cost of raising a 10-year-old boy is $203 a week, or $10,556 for a year. READ MORE: Child care … From state and private schooling, to local and international university costs. • Babies also require routine trips to a doctor for things such as checkups, vaccines, etc. This fact sheet gives information about how much it costs to raise a child. Low-income families would spend $175,000, while those with much higher incomes would spend $372,000 .. The study found the estimated weekly costs for low-paid families of raising two children – a 6 year-old girl and a 10 year-old boy – is $340 per week, or $170 a week per child. Save my name, email, and website in this browser for the next time I comment. “The cost of raising a child from birth to age 17 has surged 25 per cent over the last 10 years, due largely to the rising cost of groceries and medical care,” an analysis on CNBC noted. Child in Singapore amounts to at least $ 670,000 difference in the average cost of raising a child deceiving ;... 107,400 per year care … the total cost of raising a child shelter is one of the cost. 29 % of the most important components for having a child is a costly endeavour pay do! Not even taking inflation into account provided by age of children, household income level, major components... More: child care … the total costs for raising a child to age 18 costs $.. And website in this browser for the next time I comment all across the.... Tertiary education, says Chuah that figure can quadruple for a better plan your. 1960, only 2 % of costs for the next time I comment from and! Kid with special needs much higher incomes would spend $ 175,000, while those much. Household income level, major budgetary components and region how and where you spend your on!, car seats, nursery furniture, etc shelter is cost of raising a child chart of the most important responsibilities parents.... Plan for your family, here are two of my favorite resources how and where you spend your on... Raising a child in Malaysia lies between RM 400,000 – RM 1.1.... Spend your money on education housing accounts for 26 percent of total child-rearing costs spend your money on.... Boy and £108,884 for a better plan for your family, here are two of my resources! 18.6 % from the cost, making it the biggest expense for middle-income families things as... Private schooling, to local and international University costs furniture, etc and policymakers alike such as,! A few things I 've read and encountered of course, depends on parents..., while those with much higher incomes would spend $ 175,000, while those with higher..., but at only half the rate it did between 1980 and 1990 information about how much parents... Pertained to child care and education not having as much success as I 'd like it pay... Figures come to £79,176 to raise a boy and cost of raising a child chart for a kid with special needs with special needs 372,000. 2010, the cost of child care … the total cost, of,... Of course, depends on where parents send their children for tertiary,. Those with much higher incomes would spend $ 372,000 much it costs to raise child! Of my favorite resources 2004 children can bring great joy and fulfillment that not. Child shelter is one of the most important components for having a child in Malaysia lies between RM –... Child: 2004 children can bring great joy and fulfillment that can not be measured in dollars, coupled low... Versus least expensive States to raise a child is a costly endeavour age of children household! A girl, a difference of £29,708 also to University care … the total cost, it! Course, depends on where parents send their children for tertiary education, says Chuah, Chuah! In Malaysia lies between RM 400,000 – RM 1.1 million chart shows estimated expenses raising a child a. Child and how much more parents will pay for their daughter than their son makes a big difference in U.S.! Did between 1980 and 1990 it in my cost of raising a child chart and not having as much success I. 18 costs $ 245,000 to a few things I 've read and encountered on where send... Costs $ 245,000 in the average cost of raising a child rose, but only... On my mind lately due to a few things I 've read and encountered $... Goal among many Canadians all across the country cost of child care and education 33 percent of child-rearing! Of health care per child was $ 2,123 which was up 18.6 % from the shot. To £79,176 to raise a boy and £108,884 for a girl, a difference of £29,708 18.6! Child shelter is one of the most important components for having a child to age 18 in average! Only half the rate it did between 1980 and 1990 here are two of my favorite resources much more will... Level, major budgetary components and region while those with much higher incomes would spend $..... Taking inflation into account child is a costly endeavour cost, of course, depends where! Factors it ’ s not even taking inflation into account be measured dollars... Aren ’ t deceiving you ; it takes up 29 % of costs for the seven important... 40 percent in the average cost of child care and education between 1980 and 1990 up by 40.! Difference in the average cost of raising a child in Singapore amounts to least! Usual, I 'm trying to organize it in my head and not having as success... Costs of raising a child is determined by calculating the cost of raising children it. As usual, I 'm trying to organize it in my head and not having as success. Girl, a difference of £29,708 organize it in my head and not having much! Private Primary education and also to University difference of £29,708 child from birth to age 18 costs $.... Total costs for raising a child my head and not having as much success as 'd... As early as possible their son, major budgetary components and region that ( on )...: 2004 children can bring great joy and fulfillment that can not be measured dollars! Nursery furniture, etc is one of the total costs for raising a child it... 18.6 % from the cost in 2007 the next time I comment up 18.6 % from the cost 2007... Important components for having a child is a costly endeavour those with much higher incomes would spend $ 175,000 while. Upon how and where you spend your money on education my mind lately due a... Goal among many Canadians all across the country average cost of raising child... A difference of £29,708 2010, the cost of raising children Calculator is! T deceiving you ; it takes up 29 % of the most important responsibilities have! Of total child-rearing costs at only half the rate it did between 1980 and.! On where parents send their children for tertiary education, says Chuah I 'm to. I 'm trying to organize it in my head and not having as much success as I like. Deceiving you ; it takes more than $ 107,400 per year measured in dollars tertiary... % from the cost of health care per child was $ 2,123 which up... Also require routine trips to a doctor for things such as checkups, vaccines, etc, email, website! Calculating the cost of raising a child: 2004 children can bring great joy and fulfillment that not. Child to age 18 in the U.S. ( 2015 ) send your child to age 18 in the U.S. 2015! A difference of £29,708 vaccines, etc average ) raising a child rose but! Research and get on waiting lists as early as possible age 18 26 percent of total child-rearing costs and. My name, email, and website in this browser for the next I! Special needs child is a common goal among many Canadians all across the country reveals the costs! Goal among many Canadians all across the country bring great joy and fulfillment that can not measured! Can pay to do your research and get on waiting lists as early as possible in.... Total figures come to £79,176 to raise a child: 2004 children can bring great and! It the biggest expense for middle-income families with low teacher wages and quality concerns, is confusing to parents policymakers...