The United States Department of Agriculture has estimated the cost of raising a child to age 17 is $233,610 in today’s dollars. The cost will only increase over time due to inflation, which is about 2% in a normal inflationary period. There are three areas that families can save that are rarely thought of: choosing low-cost family fun, planning ahead for the holidays and keeping birthdays simple.
Pitching a tent in the backyard, visiting museums and historical sites will help bring the entertainment costs down while raising a child. Not all travel has to be expensive to create a memorable lifetime memory.
The holidays can create an expensive and stressful time for families. Especially in the new year when those high credit card bills are due. Set a budget for gifts and set money aside to pay for these gifts and have them paid in full.
The last area is keeping birthdays simple and again, making lifetime memories does not require large amounts of spending. Keeping the guest list small and having a joint party will all help bring the costs down. Who said saving money couldn’t be fun?
Source: https://www.usda.gov/media/blog/2017/01/13/cost-raising-child
Branden has been a key member of the Independent Financial Services (IFS) team since 2013. He is a Financial Advisor, Portfolio Technician, Certified Financial Planner, and Accredited Asset Management Specialist. Branden’s professional registrations include the Series 7, Series 66 as well as Florida Life, Health and Variable Annuity insurance licenses. As a Financial Advisor, Branden develops financial plans for clients which includes creating and modeling different possible financial scenarios, preparing client reports along with providing key recommendations for helping clients achieve their financial goals.