ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Therefore, you need to make sure that you have everything covered. In short, you have to take into account every cost to be incurred at all life stages of your child. This includes prenatal care, delivery charges, infant, toddler, school expenses, college fees, and post-graduation expenses.

Detailed explanation-2: -Housing is the biggest expense associated with raising kids, followed by paying for food. Following those two categories of expenses, parents spend the most on childcare, transportation, healthcare, clothing, and miscellaneous spending.

Detailed explanation-3: -From the day your baby is born until the day they turn 18, your family will spend about $310, 605-or about $17, 000 a year, according to a new Brookings Institution analysis of data from the U.S. Agriculture Department. The exact amount will vary depending on how much you earn and where you live.

Detailed explanation-4: -Child care: If both you and your spouse will work after your baby’s arrival, your single biggest budget item will be child care. Your child care costs vary by where you live, the age of your child, how much care you require, and what type of care you use.