For a newly- wed couple, the biggest financial consideration after the wedding and house is their first child. This expenditure takes the cake as the cost gradually increases as the newborn grows into a toddler, and then into a young boy or girl, and then into a teenager.
Some estimates give the figure of around $ 300, 000 for the first decade of the child’s life, with little difference between raising a boy or girl. The first few years can be a bit more difficult as this is the adjustment period for the young couple. A lot of baby items can cost in the hundreds of dollars. This would be a good time to ask family and friends for old baby stuff like strollers and clothes in order to minimize expenses.
Aside from the essentials of food and clothes, the next consideration is the child’s education. Unlike a few decades ago where the biggest expenditure in education was college, today even pre- school can be a big expenditure. This is where a lot of research and referrals can come in handy.
In any case, there should also be an extra account for emergencies, whether it’s for an unseen medical condition, or a school activity that needs funding. These hidden items can increase the cost of raising a child beyond the usual means of a modern family.