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Cost of raising a child: $221,000
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Today, an article was published that said a middle class family will spend $221,000 to raise a child from birth to age 18. While I don't dispute this figure, I feel that it is a bit misleading.
The expenses are typically broken down into several categories: housing, food, transportation, clothing, health care, childcare and education, and miscellaneous. I will concur that these are the major categories when figuring the cost of raising a child. However, there are certain figures that remain the same regardless of whether or not you have a child; the expenses are based more on decisions you make rather than having the child himself. For instance, your car payment is your car payment. A lot of people think that having a child means an automatic upgrade to an SUV or a minivan. This is simply not true. A car seat can fit quite nicely in a small sedan; this car reduces the cost of gas as well. Additionally, once a car is paid off there is no more expense in that category. These studies assume a new car payment every 5 years or so and seem to factor in a car upgrade each time as well. This is just one assumption that inflates the estimate for raising a child. Food, mortgage and entertainment costs do not have to skyrocket simply because a child is living in your home.
Then there are the caveats that are thrown in: dual income household vs. single parent household, dual parent household vs. single parent household, low income vs. middle class vs. high income...the list goes on. These studies don't really mention choices that parents make that lower or raise the cost of their children beyond the choice of private or public education. These studies assume that all children will play sports, take music lessons, go to summer camp, and host of other activities that are considered the norm. By placing emphasis on these activities, parents feel that they must be included in the cost of having a child. And, much like the assumption that a kid automatically means a larger car and a larger house, these activities inflate the cost of raising a child.
Given all of the variables, it is almost impossible to put an estimate on the cost of raising a child. And while I appreciate the experts trying to give a ballpark estimate, it does more to scare people than to inform them. Parenthood is scary enough. We don't need arbitrary 6 figure numbers making is scarier.
So, what do you think? Are these studies a fair estimate or are they far off? Have these estimates made you think twice about having child? Please feel free to share your thoughts below.
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