Cost of Children: How Much to Raise These Guys?

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When you’re expecting a first child, the idea of how much it will cost to raise them can be overwhelming. It’s not just the clothes and dental bills, either. You have to factor in a portion of your housing costs, food, transportation, and sundry other items that add up in no time.

It’s pretty hard to predict what you are going to spend and when over the next 18-19 years, but that’s where the Internet can come in handy. Now, many sites offer online calculators that will take your location, your current family income, and the age of your child, and estimate costs for all the essentials, until they reach the age of 19.

The figures can be pretty frightening, but remember that you are paying this out over 18-19 years, and that your income will generally rise in that time, particularly if both parents goes back to full time work, and you make wise investments that will cover some of the costs, like education. Some programs are also flexible, and allow you to change the figures and allot more or less to given areas, and change the time period over which you would be paying that expense.

If you’re concerned, start planning your family budget and grab your step-by-step guide here.