I think most of us want to experience parenthood at some point in our lives. We know that being pregnant is probably the hardest task in life, but there’s something so beautiful about getting through it and bringing new life into the world.
The main question on most people’s lips is; can we afford to have a baby? Are you at a point in your life where you’ve got the financial stability to cover the costs of having a baby and raising a child? This can be a difficult question to answer when you’re unaware of how much it costs to give birth and raise a child. For that reason, I’ve done some research and tried to figure out the average cost of raising a child. Take a look at what I’ve discovered to see the truth:
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Most people think that the costs of raising a child start when their child is born. However, this isn’t the case as the costs begin during pregnancy. There are many things you have to pay for, mainly medical and hospital costs. It all starts with the type of pregnancy you have as well. While most people are lucky enough to have a natural pregnancy, some may need an alternative solution such as IVF. If this is the case, your pregnancy costs will immediately go through the roof. By looking around and finding information on fertility doctors, I discovered it can cost around $6000 for IVF treatment, which is an awful lot. So, if you’re unfortunate enough to not be able to have kids naturally, your pregnancy costs are going to be very high to begin with.
Furthermore, you have the costs of prenatal care before your baby is born. Again, this cost can vary depending on the person. For example, people with a good health insurance policy may already have prenatal care covered, meaning they don’t have to pay anything extra. For those of us without health insurance – which is quite a large number of people – the costs of prenatal care can sit at around $2000. Along with this, you have the hospital costs that occur when you’re giving birth or going for checkups. Again, if you have insurance, then you can be covered in a lot of instances. Without it, this becomes one of the biggest expenses during your pregnancy. Hospital fees can be around $10,000 depending on how complicated the birth is. The more complex it is, the more expensive it will be. You could pay hospital costs less than this figure if you’re at a generous hospital and have a very straightforward birth.
Before your child is even brought into this world, you’re looking at an average cost of way over $10,000 for a natural birth and a great deal more for an IVF pregnancy. With health insurance, you can reduce these costs dramatically.
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You can see how much it costs to actually give birth, then you have to think about general child care costs over the years. This is really hard to predict as different families spend different amounts of money on their kids.
As such, the best thing to do is go through a load of things you’ll have to pay for until your child is no longer dependent on your money. To start, you’ve got the cost of their clothes from birth up until they’re an adult. They keep growing, and they’ll need something to wear, which may require buying new clothes throughout each year for 18 or so years.
Then, you have the costs of food. It’s our duty to make sure our children are well-fed, which means buying a lot of food for them throughout their existence. Not to mention the cost of housing and giving your child a place to live.
Of course, there are also education costs such as buying them resources throughout school or paying for school trips. Some parents even help contribute to a college fund for their kids as well. There’s also the costs of transport as you need a family car and drive them everywhere until they’re old enough to drive. Finally, you have general health care costs to consider throughout their life too.
All in all, many studies have concluded that that the average cost of raising a child until they’re an adult can be anywhere between $174,690 – $372,210 depending on your income. Add the pregnancy costs to this, and you can see it’s a very serious financial commitment. The moral of this article is that you shouldn’t get pregnant unless you’re financially stable and can prepare your finances for the future. When you’re ready, then you should happily bring a child into this world!