Last year, the average cost to raise a new baby up to the age of 17 – according to the U.S. Department of Agriculture – was about $233,610.
So, let's break down some everyday costs of a sweet little babe...
1. The average cost for daycare in the United States is $11,666 per year, or $972 a month.
2. A pack of 88 diapers costs roughly $25 and that will only last you about 8 to 9 days.
3. A car seat can be around $300. And if you have more than one person hauling the kid around, you'll probably need two.
4. Don't forget about those doctor visit co-pays and prescription fill ups, either. According to BMO Harris Bank’s survey of new and expectant parents, those with insurance pay an average of $1,297 out of pocket during a child’s first year.
5. Babies also need BABY STUFF, which is far from cheap. Some necessities – not including toys – that you'll spend money on are high chairs, activity centers, baby swings, baby bouncers, baby monitors, and strollers.
6. And when school rolls around, there's a whole list of stuff kids need – at the beginning of the year and during the year. In fact, you can expect to spend $669.28 per kid per year.
7. Babies fly free up until the age of 2 (on the condition they sit on your lap for the entire flight), but after that you'll have to pay the same price as an adult ticket.
8. Expect to spend lots of money on groceries – kids are garbage disposals. The U.S. Department of Agriculture says a family of four spends up to $289 per week on groceries.
9. If your kid needs braces, most of the time insurance will not cover the cost. So go ahead and save around $7,000 for those as well.
10. Extra curricular activities also put a dent in your wallet. The average cost for extracurricular activities is $739 per year, according to Time.
11. In addition to daycare, you'll also need to pay babysitters for when you want a night out. The suggested hourly pay rate in Los Angeles is $17 an hour, according to Care.com.
12. Kids grow like weeds, but unfortunately their clothes and shoes stay the same size. The Bureau of Labor Statistics says families spend roughly $1,800 a year on clothing alone.
13. You also have to account for your kid accidentally breaking stuff – which is guaranteed to happen.
14. Birthday parties are a big deal, especially the first birthday, so you'll need to budget for decorations, food, and cake – every year.
15. And we can’t forget about the Tooth Fairy — or the holidays. Forbes says parents spend $495 per child on holiday gifts!
16. This is all without the cost of things like their first car, their proms, their college tuition, etc.
OK, but I have to tell you a little secret... it's SO worth it.
