FCP009 – Raising a Child Costs HOW Much?

Welcome back to the Financial Conversation Podcast!

Today, we’re discussing a topic many parents and news outlets love to talk about: how much it really costs to raise a child.

According to statistics from 2014, the average cost of raising a child until age 18 was $245,000. But is this figure truly worth taking into consideration?

We believe it’s totally possible to raise a child on a budget while making progress on your other financial goals. Plus, being a parent doesn’t automatically mean you have to put aside all of your own wants and needs to satisfy every wish your child has.

raising a child costs how much

In this episode we discuss:

  • 2:45 – How much does raising a child actually cost?
  • 6:15 – A few reasons some people don’t want kids.
  • 11:45 – First thoughts during pregnancy: Fear of costs?
  • 16:15 – Financial preparation for children
  • 20:00 – How can you save money on the costs of raising children?
  • 30:15 – What was the highlight of your childhood and toys from the 90’s
  • 36:15 – Are there hidden costs of having children?
  • 40:45 – How to balance family financial goals with the costs of having children

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