Forbes Says Raising a Child Costs $235,000. Here’s How to Raise Your Child for Less
Simple ways to lower the price of raising your child.
According to an article by Forbes, raising your child costs almost $235,000, and that doesn’t count college tuition. Budgeting and finding tips to maximize your dollar will be essential to provide a healthy upbringing.
Almost 6% of the $235,000 are attributed to clothing, so the first tip is to forgo brand loyalty and spend money on functionality. Especially in those infant and toddler years when children out grow their clothing in weeks. The other is to network; social networking sites have made it easy to find parenting groups that often share tips and share their baby items they no longer need.
A large segment of that costs are diapers. Almost $1,100 a year is spent on diapers per child. Purchasing your diapers in bulk could save you as much as $350 a year. You can also calculate if purchasing cloth diapers will lead to a long-term savings.
Food accounts for 16% of the money that is needed to raise a child. You can save by finding ways to make commonly bought treats and snacks for less at home. Not only are you still giving your children the treats that they crave, you can turn the time spent making the snacks into a fun, family-oriented event. You can also find that activities like this help to build more memorable experiences and are easier on you your mind and wallet than going to an expensive arcade.
Share some of your tips with us!