Of course you should have a another child! Babies are cuddly and they smell good after baths.
But if you’re determined to make your decision based on economics – not emotions – you probably already know more kids cost more money. How much? Well, not that much more. The real leap in expenses comes from having a second child. It nearly doubles and you’re spending over $27,000 a year. The third? Ah, that’s just a little more supermarket shopping.
That’s because the biggest cost to raising kids is housing. Once you have a place to live, you can pack it with as many people as you want. Then again, those people will need to eat, go to school, see a doctor, and watch movies. Here’s a little about what it will run you. Totals are at the bottom.
Heading to the supermarket?
When it comes to buying cereal, here’s how much an average family spends a year: one kid, $218; two kids, $270; and three kids, $347. Basically, three kids costs $129 more than one kid on cereal, says the Bureau of Labor Statistics.
Saying “eat your vegetables” is a big part of parenting. When it comes to buying fresh fruits and vegetables, families with one kid spend $844 a year, with two kids, $1043 a year, and with three kids spend $1116 a year. Being a good parent of three kids costs you $272 more than being a good parent of one child, according to numbers from BLS.
Want to know where you’ll SPEND LESS?
Careful, it’s sad.
Couples with no kids spend $606 a year on alcoholic beverages. Couples with three kids spend about half that — $315 a year on beer, wine and spirits. (Couples with one and two kids are in the middle, spending about $425 a year on alcohol.) You’ll also spend a little less on cars because let’s face it, why buy another vehicle to litter with granola bar wrappers? Families with three kids also spend about $300 less each year on hotels.
But don’t worry, there are other things to buy. You’re going to spend about $700 more on clothes, $60 more on more on laundry detergent, $1499 on housing, $190 on telephone service, $150 more on water and other public services. The families spending the most on education each year have two kids – $2124.
When you total it up – food, shelter, medical care, housing, entertainment – you’ll spend $15,890 a year for one kid, $27,410 for two and $32,449 for three. Raising three kids, by the time they go to college, will cost about $585,000. And that price doesn’t include college. So remember, when reading the table below, that cuddly, good-smelling stuff we mentioned atop the page.
Families earning between $60,000 and $105,000 spend the below amounts each year on their kids.
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