Everyone knows that raising children is expensive, but it’s not often something that you think about too hard. You might consider whether you can afford to have children, but the total cost of raising a child might not matter to you that much. After all, you’re not going to pay for it all at once. However, it is worth considering the costs that are involved with growing your family, both when you first start and as your children get older. There are plenty of significant expenses to take into account when you’re planning a family and working out if you can afford it.
The Costs of Pregnancy and Childbirth
Before you are even officially a parent, there are certain costs to consider. In the US, the average cost of pregnancy and delivery was $4,500 in 2015 – and that’s for people who have insurance. If you don’t have health insurance or you don’t have very good insurance, the out-of-pocket cost could be a lot more. This is definitely something worth thinking about if you’re planning to expand your family. Pregnancy could be even more costly if you need help with conception. Attending a leading fertility clinic may be worth it to achieve your dream. But it’s essential to consider the cost and what you may be able to afford.
Initial Baby Costs
Getting ready for the arrival of a baby can be a frantic time. While you only really need a few essentials, there are also plenty of other things that are nice to have. Beyond diapers and clothes, you’re probably looking at cribs, strollers, car seats, and other items to help you prepare for your new bundle of joy. Budgeting for these costs will mean that you don’t have to worry too much about the initial expense involved in having a baby. And once you’ve had the first child, many items can be reused if you want to continue expanding your family.
Growing Your Home
As your family gets bigger, one thing that you might want to consider is a larger home. Ideally, you already have a home suitable for the family that you want. However, it’s not unusual to need to find a larger home as your family grows. You might need extra bedrooms as your children get older and need their own space or more living space, so you don’t all trip over each other. Of course, a larger house is often more expensive, although it might not be if you take other factors into account.
Ongoing Expenses of Raising Children
Of course, there are many other costs associated with raising children. There are everyday expenses such as food and clothing, plus plenty of things such as dental and medical costs, school expenses, hobbies, and more. You might also want to start thinking about your child’s future, saving money for college, or other costs that will help them to make the successful transition to adulthood.
Growing your family and raising children certainly makes the cost of living more expensive. However, being able to afford to grow your family will look different to everyone.
