Having kids isn't a cheap proposition by any stretch of the imagination. If you're planning to start a family, and if you ask others who already have children, they'll probably be glad to tell you so. Children bring with them a slew of rewards, but money coming into your household usually isn't one of them.
How Much Money Do Parents Spend on Their Kids During Their Lifetime?
The United States Department of Agriculture estimates that it costs more than $225,000 to raise a child from birth through age 18. Costs can fluctuate by year, increasing at certain ages, such as the teen years. What you spend also depends a lot on what you earn – the money parents have, the more they typically spend on their children. Middle income families spend about 30 percent of their budget for housing, 18 percent for child care, and 16 percent on food and groceries. The $225,000 figure does not factor in costs of a college education.
How Many Kids Get Money for Good Grades?
You want your child to do well in school, so you might be tempted to try to encourage him with a little monetary gain if he performs well. If so, you're not alone. According to the American Institute of CPAs, 48 percent of parents pay kids for getting good grades. The cost of an A runs more than $16 on average. Not all parents can afford this, so your kids' bonuses will depend on the income you have available.
How Much Money Do Parents Spend on Their Kids' Clothes?
The USDA reports that parents usually spend between 5 to 7 percent of their budget on their kids' clothing. If you and your spouse earn $50,000 a year, this comes out to somewhere between $2,500 and $3,500 per child. The good news is that you're not locked into spending this much. If you buy your kids designer duds – brand new, from the best store – you'll obviously spend more than if you purchase at a clothing outlet.
How Much Money Do Schools Get for Kids Taking AP Classes?
School districts don't receive money for offering their students advanced placement classes. However, it usually costs them money if they do. According to the Seattle Times, schools typically have to dip into their budgets or solicit donations to purchase thousands of dollars of supplies for these classes. Parents have to pay for final exams at a fee of more than $80 for each class.
How Much Money Do Autistic Kids Get for Disability?
Social Security disability isn't a one-size-fits-all equation. Benefits vary a great deal from child to child and they depend on several factors. Social Security disability is based on your family's financial needs, so the more you and your spouse earn, the less your child will receive in benefits. After your autistic child turns 18, however, your income is no longer a consideration. If he can't work and has never been able to hold down a job, he can typically qualify for more.
- Jupiterimages/Brand X Pictures/Getty Images
- What Expenses Are Allowed in a Section 125 Cafeteria Plan?
- Who Can Be Used for Dependents in Filing Income Taxes?
- What Is the Cost per Year for Raising a Baby?
- How Much Money Is Spent on a Baby in a Year?
- Organizations That Help Men With Child Support Problems
- The Groom's Parents' Financial Responsibility for the Wedding