As the parent of an only child, I get a lot of "suggestions" from family, friends and even strangers to have another kid. I've heard it all:
"He needs sisters and brothers."
"He will always be lonely."
"You need a daughter to care for you when you're older."
Still, no matter how much convincing they try to do, the decision to stick to only one child (or at least wait a while) stands.
The reason: Kids are expensive!
Although he's only in first grade, my son, Darren, has already cost us quite a bit of dough. There's medical insurance and co-pays, food, clothing, school supplies, field trips, his allowance and (the insanely high-priced) video games and entertainment. It seems the older he gets, the more he wants and needs--and the bigger the number on his kid "price tag."
I'm worried that by the time he turns seven, his dad and I will both have to take on additional jobs just to handle the expenses. And new research shows it's not just us--it's the new reality of having kids.
What Does It Cost to Raise a Kid, Anyway?
The cost of raising a kid from birth to 17 rose a whopping 25% in the past decade, according to the United States Department of Agriculture. In its most recent report, for a child born in 2010, a middle-income, two-parent family can expect to shell out almost $227,000 for the necessities needed to raise that child (not including the cost of the pregnancy, childbirth or college).
Factor in inflation and those parents are looking at a grand total of around $287,000.
Of course, housing, transportation, clothing, childcare and other miscellaneous expenses contribute to the large bill, but two major expenses associated with raising a child have climbed significantly.
Hint: They're in your refrigerator and the medicine cabinet.
What We're Spending the Most On
In 2000, the grocery bill for raising a child to age 17 was a little under $24,000. In 2010, it had skyrocketed to more than $36,000.
To keep that same child healthy until age 17, in 2000 the fee was almost $9,000. By 2010, parents could expect to cough up double that amount, more than $18,000. (In fact, recent data shows that annual premiums alone for typical family health coverage rose 9% in 2011 to $15,073. We talked more about the rising cost of health care, and what you can do about it, here.)
As for your grocery bill, "the price of staple foods has been steadily rising, particularly because of global warming, and it impacts everything we consume on a daily basis," says Stephany Kirkpatrick, CFP®, LearnVest's Director of Financial Planning. "Rather than officially raising prices, companies tend to make smaller packaging. So what was a 24-ounce package is smaller, and we go through it faster."
While there's not much we can do about rising prices or shrinking package sizes, what we can do is become more conscious consumers. "As moms are working to balance work and parenting, we often find ourselves buying pre-chopped vegetables or the ready-made chicken dinners at the store, because we're looking for convenience, instead of sticking to a plan," says Kirkpatrick. "What will make the biggest difference is coming up with a budget, and sticking to it."
Now Take a Breath ...
Although the news may sound bleak, having a child doesn't have to be financially crippling. "If you're reading this now and pregnant, or you just had a baby, don't panic!" she adds. "And if you're reading this and have grown kids, don't panic either! Take a step back, and think about the smart things your own parents did to make it work when you were growing up. Cook dinner and eat leftovers the next day. Use coupons! It might be old-fashioned, but they're there for a reason."
More From LearnVest
Love this story? Sign up for the LearnVest Moms newsletter!
Buy a financial plan for your mom (or aunt, or sister), and get one for yourself, free!
See why this mom waited until she was 44 to have kids ... and why she's glad she did.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.