A new report study released by an insurance company named LV on Feb. 16 states that raising kids these days is apparently more costly than buying a house.
In an article published by RT, the expenses of parents they have for a child now cost around $317,000 from the time their child was born up to when they reach 21. This means that raising a child in this generation is more expensive than buying an average semi-detached house.
Childcare is getting more and more costly every year that its increase could be calculated going from $3,000 annually to $15,000 in the next five years. The report also noticed that one-third of these expenses was spent during the child's early years including their nursery and nanny fees, which could go for over a whopping sum of $80,000. It has indeed gone up because about a decade ago, these expenses for the said stage of a child were only around $51,000.
And it doesn't end there because a child has to go to school and it is illegal for parents not to take care of their child's education. School expenses are among the main aspects of spending in childcare because it goes up to $75,000 from the time they start in kindergarten up to their college years. This is just the average spending because some parents would take their child to private schools or boarding schools and those could coast over $260,000.
The Sun also got a hold of this report noting that the expenses for food, clothing and miscellaneous are not yet included. A total of around $20,000 is spent on food, $11,000 on clothing while a little over $5,000 is allotted for their emergency cash.
This is why a lot of people and organizations are suggesting planned parenting. The next time you think of raising a child, you might want to consider these figures before doing so. Be a smart and responsible parent.
