For most parents, having a child is a joyous event in their lives, and there is no bigger responsibility than having the welfare of another person in your hands. If you are a new parent or a parent to be (or probably even the veteran parents), you will probably agree, that it is not an easy task. Aside from ensuring the welfare and safety of the child, you need to struggle with every little detail of the child’s presents needs. You do not provide just for your needs anymore but for the child’s as well. It is the time when your needs take a backseat.
Securing a good future and providing a comfortable life for your child or children are noble causes, but they do not come cheap. They, like any other aspects in life, are greatly affected by inflation. The cost of raising a child is much more expensive nowadays than in the past. Studies show that the cost increased by 40% over the last decade. Still, this should not be a cause of panic or stress on your part. The best way to combat the increasing expenses is to be ready. It is advisable to understand the sources of expenses so you can better provide for your child.
Food is perhaps the most costly expense, but it’s also the most important expense. The price of food is greatly affected by inflation because of the rising price of other non-food commodities like oil. Drought, typhoons, and other extreme weather conditions affect the production of crops, and thus affect its retail prices. The increase in food prices is inevitable sometimes, and it is best to be ready since it is your child’s first and foremost need.
Another important necessity you have to provide for your child is shelter. Children need to be protected from the elements, and they also need to be protected from dangerous elements of the society since they are helpless and incapable of defending themselves. That is why having a good roof over their heads is very important. The cost of materials and the mortgage also increases over time.
Children require regular trips to the pediatrician for vaccines, check-ups, and health care monitoring. You also need to provide for their medicines when they get sick and vitamins to keep them healthy.
Another huge cost that you should be prepared for is the cost of education. From day one of your child’s school life to the day they graduate college, you have to be sure that the expenses incurred by sending your kids to school are covered. You have to prepare for their education since the cost of sending your kids to school, including the things they need, is increasing over time.
Clothing and Miscellaneous
Clothes are another essential item you have to provide for your child. They grow up fast so you will need to update their wardrobe frequently to ensure that they always have clothing that fits. Other needs like toiletries are also big expenses, and you need to be ready for them.
Children need to be entertained most of the time. Just like any adult, they need their leisure time, and some children may even demand it. Going out with them or engaging in some activities at home are necessary to keep them happy. This will also cost you money. You need to take these expenses into consideration.
Your child is the most important person in your life. Preparing them for their future should be one of your top priorities. They say the children are our future and you, as parents, hold their future in your hands.
Is the cost of raising your child too much for you? Are you prepared for the expenses that go with it?