Children - the priceless gifts of God - are proving to be pricey in the present scenario. With the increasing cost of living, bringing a child into the world and nurturing him/her to adulthood is becoming a matter of great concern for the parents. Since life demands more than just unconditional love, it won’t be a bad idea for the parents-to-be to estimate how much their little ones will cost them. A tactful analysis of the expenses of raising your children and spending the money accordingly will prove to be economical. Housing, food, health care, childcare and education are the main areas to take into consideration when you are figuring out the cost of raising a child. In this article, we have analyzed the costs attached to each of the elements. Read on to know more.
The Costs Of Raising A Child
Housing is the single greatest expense, when it comes to nurturing a child. The arrival of a child necessitates extra accommodation, in the form of an extra room, at least as he gets older. Increased rent payments or mortgage payments (on a bigger home) and purchase of additional furniture (such as a cot) are some of the expenses related to housing that will be there when you have a growing child. In case you already have a spare bedroom in the house, your expenses will come down significantly.
The diet of a baby is very different from that of an adult. In the growing years, he will need lots of nutritious food so that his development is well-rounded. Although food has become costlier, you would not want to compromise on the child’s heath by cutting down the nutritious food. Though this would mean extra expenses on your part, you don't have to burn a hole in the pocket. Try to buy food items when sales are on and in case of storable items, it is better to buy in bulk, as it comes cheaper. A good option to cut the costs is by shopping online, where you may get great bargains on the commodities.
Health-care expenses and insurance premiums are included in this type of cost. Since health conditions of a child tend to fluctuate, you can’t really set a fixed budget for the same. Still, a rough estimate will not be too bad either. Look for a plan with best premiums. Health care plans with annual or half-yearly payments are nice options.
Child care expenses usually include the costs of babysitting, professional daycare services and preschool. Enroll your child in babysitting cooperatives within your locality. This will make it easier for you to pick and drop him. At the same time, you will be saved from the anxiety when his school bus gets late by even a single minute.
Last, but not the least, is the education cost, which bothers every parent. A good education is the right of every child and you should ensure that there are no obstacles in his way. You don’t want to compromise on the quality of education for your child, do you? The best way to handle the situation is by making wise investments, with maturity coinciding with the needs of your child.