It’s the time of year when the Department of Agriculture releases its study about how much it costs to raise a child. This year, the department estimates the cost of raising a child from birth through age 17 is $233,610, or as much as almost $14,000 annually. And this is based on 2015 numbers!
Reading this made me think about all the incidental expenses that go along with raising children, such as the wine that we parents need as a nightcap after said kids are in bed. So, I did a little calculation of my own.
If you and your spouse drank an average of two to five bottles of wine a week, at an average cost of $10 per bottle, it would be an investment of approximately $19,000 to $47,000 over the life of your child. That’s a lot when you consider it’s around 20 to 25% percent of the total cost to raise a child!
All kidding aside, parenting is a financial investment, sure, but it’s also an emotional and loving investment. So, although the Department of Agriculture cannot put a price on the love and devotion we parents have for our children, the study is a good reminder that we need to be financially prepared as families to raise our children.
It’s also a good idea to be financially prepared to celebrate as families, too, and spend quality time as a couple. So, the price on that wine? It’s a small one to pay for happiness in the home! Cheers!