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Inflation and the Rising Cost of Having Kids
Posted By Miranda Marquit On 06/12/2012 @ 12:01 pm In Family | 18 Comments
Every year, the government puts out an annual report on how much it costs to raise your child from birth to age 18. And, every year, the cost goes up. CNBC, via Yahoo! Finance , reports that a child born to a middle income family in 2010 costs $287,000 to raise, once you consider food, shelter, transportation, and other expenses — and adjust for inflation. This number doesn’t even include the cost of giving birth, and it certainly doesn’t include college costs .
That’s quite a lot of money. And, of course, there are a number of issues that need to be addressed before you decide to have children.
The yearly cost of having children  can be a deterrent to many in terms of having kids. Some of the experts suggest that you should wait until your finances are in order before you begin having kids. Some of the suggestions include:
Many suggest that you budget for your baby , and plan ahead for expenses. However, other experts agree that it’s impossible to completely prepare for having children. Do you really need to have a house when you have a child? Is it really necessary to have all your credit card debt paid off? Do you really need to have a good job? All of these are questions you need to answer for your yourself. But it’s important to be aware of your financial situation, and realize that raising children comes with its own costs — financial and emotional. (You need to factor in your emotional availability and ability before having children as well.)
Of course, there are a number of people that don’t think you need to spend so much to raise children. From activities to vacations  to clothing to food to transportation, many people don’t think that you really need to spend almost $300,000 over the course of a lifetime to raise children. It’s possible to live frugally , even with kids. Some of the ways that you can spend less as you raise your children include:
There are a number of ways to spend less, depending on how you approach the matter. For many middle class families , spending so much on raising children isn’t really necessary. However, how much you do spend depends on factors including where you live, how much money you make (often, costs rise with the expectations of wealth), what activities your children participate in, and what activities you engage in as a family.
It’s possible to reduce the costs of having children with planning. If you want children, consider how you can make the whole process more affordable. However, not everything has to be “in place” before you start. You can never be completely ready for children.
What do you think? How much do children cost? Are they worth it?
(Photo: CC-BY-CarImages )
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 Email: mailto:?subject=http://www.bargaineering.com/articles/inflation-rising-cost-kids.html
 CNBC, via Yahoo! Finance: http://finance.yahoo.com/news/inflation-life-cost-raising-child-145736881.html
 college costs: http://www.bargaineering.com/articles/what-will-college-really-cost-you.html
 yearly cost of having children: http://www.moolanomy.com/3818/does-my-son-really-cost-me-26000-a-year-mmarquit01/
 budget for your baby: http://www.bargaineering.com/articles/budgeting-baby-inexpensive-ways-prepare.html
 vacations: http://www.bargaineering.com/articles/7-reasons-to-skip-hotels-rent-vacation-homes.html
 live frugally: http://www.bargaineering.com/articles/the-fundamentals-of-frugality.html
 extracurricular activities: http://www.bargaineering.com/articles/choosing-extracurricular-activities.html
 Plan meals: http://www.bargaineering.com/articles/ten-tips-for-successful-meal-planning.html
 middle class families: http://www.bargaineering.com/articles/middle-class-income-middle-class-family.html
 CC-BY-CarImages: http://www.flickr.com/photos/46943457@N02/4305508405/
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