Costs associated with having a child will include prenatal costs, birthing costs, housing, food, transportation, clothing, health care, child care, and miscellaneous costs, as well as education and college costs.

Birthing Costs

Prenatal costs and birthing costs will vary depending on whether there are health problems with the mother or baby, whether the mother delivers the baby naturally or by a C-section, and what maternity wardrobe the mother desires. Thus these cost might be a little difficult to estimate and might range from $5000 to $20,000. If invitro fertilization is required or if the baby is born prematurely the costs will run several $10,000's. The amount the parents would pay varies greatly depending on these factors and insurance coverage.

Child Raising Costs

The costs in the child's first year continue to add up. The amounts spent vary depending on whether one looks at a single parent, or two parent home, whether there are more than one child in the home, and what the income range of the family is.

The 1999 U.S. federal government statistics show the amount spent on a child in the first year vary from $6080 to $12,550. These amounts break down as follows:

Housing $2320-$4990
Food $860-$1370
Transportation $730-$1520
Clothing $380-$590
Healthcare $430-$640
Childcare/education $760-$1880
Miscellaneous $600-$1560

annualchildcosts

Over the child's first 17 years of age this currently is estimated to add up to $117,000-$233,000. However by the time a newborn reaches age 17 in the year 2016, this total is estimated with inflation to add up to $174,000-$344,000.

College Costs

If the child goes to college, the costs continue to mount. Currently the costs are estimated to range from $32,000 to $72,000 over four years. These amounts break down as follows:
Public university tuition and fees $3,274 a year
Private university tuition and fees $12,894 a year
Public university room and board $4,533 a year
Private university room and board $5,224 a year

Public T+F $3,274/yr
Private T+F $12,894/yr
Public R+B $4,533/yr
Private R+B $5,224/yr

The total of all these costs by the time a child graduates from college add up to...A lot! That's why any expecting parents should begin bugdeting and saving today!

Greg Clark, MD 1877baby.com Doc


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