The 21st century and this last decade especially is getting more and more complicated for young adults to purchase a home or even a car. They are surrounded by so many different expenses and debt, it is almost impossible to find a job that can support both debts and the purchase of a new home or car. All these problems lead to one major complication. And that complication is having a child. With life being so expensive in the 21st century, it almost seemed impossible to raise a child without a job with a good paycheck.
However, with the right budget and planning, it is still very possible to raise a child in a normal and healthy environment. But, planning with this kind of thing is not easy. I child will be an expense in your life for the next 18 years or more. You need to properly prepare yourself when putting yourself in this kind of situation.
To help everyone that has found themselves in such a dilemma, I decided to write this article and figure out how much it costs to raise a child in 2024. Keep in mind, these are only assumptions and the cost may actually vary from person to person. Costs might also change in the upcoming years.
Do your research
Source: thestreet
Before you put yourself in a situation you need to raise a baby, it is first best to do some research on how much this can cost you. For some, the idea that you need to “calculate” the cost of a baby is ridiculous to some, but it makes sense. If you want to provide your child with the best life possible, you will need to have the money to support that type of life. Without enough money, your kids might be unhappy, unsatisfied, and so on. Doing that calculation is actually good for both you and your little ones.
Since the pricings and costs of certain things are always different based on location, I cannot exactly tell you how much it will cost you to raise your own child in 2024. Sure, there are some averages based on the United States or the United Kingdom, but that still does not tell us much about how big your budget should be.
Even if you do live in the United States or the United Kingdom, that number is still just an average for the entire country and not for certain cities or states.
That is why I believe it is so important to do research for your own home town and then calculate the possible expenses for your kid. After you have done your research, you should probably figure out how much you will need to invest to ensure that your kid will leave a happy and loving life. Fortunately, there are apps and websites out there such as loved.com that can help you how much you will need to invest for your kids.
Home for your child
Source: standard
One of the most essential things for any baby in this world is their home. They need a place where they can feel safe, comfortable, and happy. Without proper housing, it will not be able to grow into a stable and healthy adult.
So, if you do plan on bringing and new human to this world, your first plan should be to obtain a home that can support this new life and that type of lifestyle.
Although, you will not have to rush things too fast. In the first couple of years, you will still have a baby who can sleep in your own bedroom in a crib. But, once your baby turns into a toddler and into a young child, he or she will need their own room. Even though your kid is very young, it still needs its own privacy.
When planning a budget for your kids, I would suggest putting housing/a new home on the top of that list.
Food
Source: quickenloans
Another essential for every human on this planet is food. Without food, the body cannot be sustained. This is probably one of the biggest costs that you will need to account for your children. Of course, at first glance, that does not seem like a very expensive part of your life, but once you consider that you need it every single day of your life, you will realize that it is actually quite expensive.
Studies have shown that the average cost of feeding a boy or a girl in the United States is around $65,000 in 18 years. That is a lot of money. But, when you cut down into days or months, it is obviously much cheaper. The average monthly cost for a 10-year-old is around $250 while an average adult consumes $300 worth of food.
Although, you should remember that this is just an average. I am sure that anyone would be able to be fed healthy with just $200 worth of food or maybe even less. It all comes down to the pricing in your area and your ability to budget your money.
Education
Source: morefm
This is a factor that is heavily influenced by your location. I am saying this because there are some countries on this planet that offer completely free education. Sure, there can be some administrative costs that amount to a few thousand dollars in the entire 18 years of a child’s life. If you thousand dollars in so many years is basically nothing.
Technically, most countries do offer free education, but there are always hidden costs. In the US, the average education expense for 18 years is well over $10,000.
Once you consider adding college tuition to the kid’s education, the expense easily skyrockets to over $100,000. The expenses for college in the United States are simply too high. While countries such as Sweden, Norway, Finland, Belgium, and others offer completely higher education even to international students. Even the paid private colleges in these countries are much cheaper than state universities in the US.
As you can see, raising a child in 2024 can be very expensive. That is why it is so important to be careful, to do your research, and to have a plan.
