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Cost of Raising Your Child

Have you ever wondered just how much money goes into raising your little newborn until the day you set them free into the real world? Many of today‘s parents like to keep a budget and help set themselves up for their family‘s future. Use our HB Baby Cost Calculator to help prepare you mentally for the financial expectations, which come with raising a child. Remember, there is no bigger and better gift than the experience of raising your child in your world.

Here's what you're likely to spend to raise a child:

(Before you despair, remember that your income is likely to increase over time!)

Click on each category to see what's included in the expense. Note that you can change the annual amount you plan to spend on each category or the age at which you expect each expense to start or end and then recalculate your total.

Expense Start Age End Age Annual Cost
Housing $
Groceries $
Food $
gifts $
Transportation $
Clothing $
Healthcare $
Childcare/Education $
Recreation $
Sports $
Social $
Insurance $
Miscellaneous $
College $

Cost for first year (excluding college) is

Total cost is

All figures in 2007 dollars.

Here's what's included in each expense category:

Housing: Includes the extra amount you'll spend annually on shelter (mortgage interest, property taxes, or rent; maintenance and repairs; insurance), utilities (gas, electricity, fuel, telephone, and water), and home furnishings and equipment (furniture, floor coverings, major appliances, and small appliances) if you have a child. Mortgage principal payments are considered savings and are not included.

Food: Includes the extra amount you'll spend annually on food and nonalcoholic beverages purchased at grocery, convenience, and specialty stores; dining at restaurants; and school meals if you have a child.

Transportation: Includes the extra amount you'll spend annually to buy new and used vehicles, vehicle finance charges, gasoline and motor oil, maintenance and repairs, insurance, and public transportation if you have a child.

Clothing: Includes the average amount you'll spend annually on your child's apparel such as diapers, shirts, pants, dresses, and suits; footwear; and clothing services such as dry cleaning, alterations and repair, and storage.

Healthcare: Includes the average amount you'll spend annually on your child's medical and dental expenses not covered by insurance, prescription drugs and medical supplies not covered by insurance, and health insurance premiums not paid by your employer or other organizations.

Childcare and education: Includes the average amount you'll spend annually on your child's day care tuition and supplies; babysitting; and elementary and high school tuition, books, and supplies. (You may want to adjust this figure if you know your childcare needs and whether your child will attend public or private school.)

Miscellaneous: Includes the average amount you'll spend annually on your child's personal care items, entertainment, and reading materials.

Higher education: Includes the average amount you'll spend annually on your child's tuition, fees, room and board, books, travel, and incidental expenses at a public or private four-year college, depending on which you choose.
NOTE: These figures are averages drawn from the U.S. Department of Agriculture's 2006 Annual Report "Expenditures on Children by Families." College costs are averages drawn from the report "Trends in College Pricing: 2007," compiled by The College Board, a nonprofit association based in New York, New York. Annual costs are averaged and adjusted for inflation. Your actual costs may vary.  

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