Raising a family can be expensive.
There are childcare costs, doctor’s visits, food, tuition, and other household expenses.
But a recent report shows the cost of raising children has reached an all-time high, soaring well into six-figure digits.
In fact, raising children has become so expensive, many families are going into debt paying for simple expenses.
Time reports:
“For a middle-income family to raise a child born in 2015 through the age of 17, the cost of rearing a child has hit $233,610, according to the report. The price jump is a 3% increase from the previous year, according to the report, with housing taking up a bulk of the expense at 29% of the cost. Food took the second biggest expense at 18%, according to the report.
The report, which tracks seven categories of family spending, including housing, transportation and clothing, helps court systems and government agencies determine the costs of child-support. The report does not track payments for college or financial contributions from non-parental sources, including government aid, Bloomberg reported.”
While $233,610 may seem like a huge amount of money, and it is, don’t let that number discourage you.
There are steps you can take to save money as a family, and stretch your dollar to the max.
First, hold on to all your baby gear from your first child. Many of the items such as bottles, bibs, clothes, and bedding can be used again and again.
There’s no need to throw out items unless they are severely damaged. Save yourself some money and fight the urge to have to buy brand new items each time you have a child.
Next, consider getting together with local moms and having a “swap party”. What’s considered “junk” to one mom may be a treasure to another.
You can essentially “go shopping” for free, by using your own network and exchanging goods.
And many cities have Facebook pages you can join to both buy and sell used clothes, toys, bedding, etc. for an extremely small amount of money.
Since housing takes up the largest financial burden, consider purchasing a home that’s in your budget. If you are a small family of three, do you really need a seven-bedroom home?
Get creative with your home. Small children of the same gender can easily share a room.
Finally, consider ways to save money on food by cooking yourself.
Let’s face it, convenience costs money. If you buy pre-made baby food in the store, you’re going to pay extra for it.
Instead, consider taking some fresh fruit and veggies, and pureeing them at home to make your own baby food!
Not only is it healthier, but you’ll save money too.
In addition, consider cooking meals at home instead of eating out.
You can join a wholesale club and buy in bulk to save additional money. Many grocery stores often have rewards programs and offer coupons for faithful shoppers.
By purchasing your own food and creating meals, you’ll save a ton of money instead of throwing it away at restaurants.
Raising children is expensive, but it’s one of the most important investments you’ll ever make.
You don’t have to go into debt raising a family, if you make smart choices early on.
Are you surprised to learn how expensive it is to raise a family in 2017? What are some ways your family saves money at home?
Tell us your thoughts in the comments below.