Can You Handle the Cost of Having a Baby?
This article originally appeared on LearnVest.com.
You may not be ready for a baby today, or even in the next five years. But, theoretically: Could your finances handle a little one?
Take a deep breath: According to the U.S. Department of Agriculture, a baby born today to a middle-class family will cost about $221,000 by the time she turns 18—not counting college! For more info, look at a detailed breakdown of child-rearing costs. Before you fall into a dead faint, remember that you won’t shell out that whole sum at once.
From birth to age 17, the average middle-income family spends about $221,000 raising a child. Here’s how that breaks down:
Childcare and education: $37,570
We can’t know whether you’re ready for a baby emotionally, but you’re probably ready financially if you can answer “yes” to at least 4 of the following 6 questions.