Mike Bernier, CFP® answers your question of the week regarding how much it costs to have a child. According to the Department of Agriculture, the cost of one child from birth to high school graduation is around $245,000 (housing, food, childcare, etc.).
“Hi, I’m Mike Bernier, CERTIFIED FINANCIAL PLANNER™ with Pure Financial Advisors, and welcome to the Question of the Week. This week’s question is: Can I afford to have a child? As a father, I can tell you that children are expensive, and any parent would agree. Actually, the Department of Agriculture does a study and most recently they estimate the cost of raising a child from birth to high school graduation is about $245,000. That does not include the education costs beyond that, whether you’re saving for college or else, but mainly it’s due to housing, food and childcare. It adds up a lot more than one might think with just diapers, wipes, milk, formula and things like that.
Although, something else to take into consideration is that there’s an economies of scale. So the more children that you have, the cost tends to go down per capita, because they can share a room, have similar clothes, etc. That wouldn’t be a reason to have multiple children, but something to keep in mind. The one thing I can also guarantee you though is that children are priceless.
This was Mike Bernier, CERTIFIED FINANCIAL PLANNER™ with Pure Financial Advisors, and that was the Question of the Week.”