Today, in the Washington Post, “Expecting The Expenses“ was the lead business section article. It talks about how much it costs to raise a child – from diapers to college and how many parents do not plan for the initial expenses. For example. did you know that a box of diapers costs $25? I didn’t… the article offers a little bit of advice, but it mostly serves as an eye-opener on the total costs.
The article mentioned a calculator on www.babycenter.com that estimates the costs of raising your child based on a few factors (e.g. they area where you live). Our estimate (including college) – $348,418. The cost of the first year? Over $16,000. My favorite part – the calculator has a little disclaimer “Before you despair, remember that your income is likely to increase over time!“ Hopefully, it is a big increase!
December 11, 2007 at 3:11 pm
Though I haven’t looked at the website calculator, I’d say I’d have to challange the $16,000 first year estimate. I know we didn’t spend that much even on Jack’s first year when we had nothing and had to get everything.
Obviously, as with everything, there are ways to save. Huggies may be $25 a box, but Luv’s are $18. Enfamil is close to $30 a can, but my boys were well fed and perfectly healthy on the $13 Target formula.
You might like to check out the book Baby Bargins. If I can find our copy I’ll send it to you, though since that was going on 6 years ago, I’m sure a more updated version is out there. I don’t recall that it was very useful for us, but you might find differently. Maybe a look through an older version or one from the library would give you an idea as to whether you’d find it helpful. Though you’re so good with finding bargins being smart with your money anyway.
And $350K through college?!?!? No wonder Bryan feels lightheaded at the thought of a fourth. :-p