What is the average monthly cost of raising a child?

How much does it cost to raise a child in 2020?

Cost of Children: Stats and Facts (Editor’s Pick)

The cost of raising a child until age 17 is $233,610 on average. Low-income married couples spend $174,690 on average to raise a child. Low-income single parents spend $172,200 to raise a child from birth until age 17.

How much does it cost to take care of a kid monthly?

Overall, the Economic Policy Institute pegs California’s average monthly child care cost at $1,412.

How much does it cost on average to raise a child?

Dual-Parent Family – USDA Average Spending per Child (not the basic cost of raising)

Age of Child Housing Child Care /Education
12 to 14 2,990 1,110
15 to 17 2,990 1,290
Total 53,820 23,640
Before-tax income: $59,410 to $102,870 (Average = $79,940)

How much money does a family of 4 need?

According to a recent Gallup survey, most American families believe a family of four would need at least $58,000 per year to “get by” in their communities. That’s more than the median household income, which came in at $55,775 a year in 2015.

How much does the average kid cost per year?

Nobody wants to think of their children as just an expense, but at an average annual cost of almost $17,000 (and the possibility that it could be higher, depending on where you live and childcare), the financial side of child-rearing can’t be ignored. But couples who know the numbers can strategize to lower the costs.

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How much do parents spend on a child per year?

In its Expenditures on Children by Families report, the USDA puts the cost of raising a child from birth to age 18 at $233,610 for a middle-income family (married with two kids) — around $12,980 per year.

How much money should you save before having a kid?

If you plan to have a baby in about a year, then with our example above, you’d need to set aside $1,000 per month ($12,000 divided by 12 months = $1,000 saved per month). If you have less than 12 months before you expect to have a child, this approach can still work.