Cape Cod Mom Advisor, Gary tackles the cost of raising a child from age 1 -
How much will I spend on my child during ages one through six? ~ Nicole, Forestdale
During these years, you'll spend about $1,000 on toys and clothes, and about
$2,200 a year on food. If your child attends day care or pre-school, add in the
cost of these services. Day care will cost you an average of $12,000 per year,
while pre-school costs vary widely. Again, health care costs depend on your health coverage.
How much will I spend on my child during ages six through twelve?
This is the time when the overall expenses of child-rearing drop, and families can save more. During these years, your child care expenses will drop drastically. Helath care costs generally stabilize unless of course, your child begins orthodontia during this stage. Then, you'll have to pay more.
You are likely to spend more than in the previous stage on clothing, toys, and entertainment, but your kids won't be demanding the high-ticket clothing and other items of adolescence. The bill for food will be just slightly more than what it was in the previous stage.
On the negative side, now that your kids are in school, you'll want to pay for all those extras that middle class kids have: dancing and music lessons, sports participation, and so on. And, if you decide to send your kids to private school or to summer camp, these expenses will have to be added in.
How much will I spend on my child during ages thirteen through eighteen?
During this stage, you can expect your child's food, clothing, and entertainment bill to greatly exceed what it was during the previous stage. For instance, food costs will increase as a result of growth spurts in your adolescent and clothing costs are likely to rise as well as your teen takes more of an interest in his or her appearance.
Once your teen starts driving, your auto insurance will go up. The extra cost could be anywhere from $300 to $1,000, depending on your state of residence and whether your child is a boy or girl. If you intend to buy your child a car, add this expense in as well.
If you have further questions, please contact my office at 508-540-3683, emai me at firstname.lastname@example.org or visit us on the web at www.dellapostacpa.com
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