How much do you have to save for a child?

You could hardly believe how much you have to spend on raising a child nowadays. But research shows that you need to save every possible penny if you are planning to have a child in near future. No cigarettes, no club activity, no out dinner and even no Terry Bradshaw jersey even if you are eager to have one to watch your beloved team playing football game. Oh, yeah watch it on TV instead of buying the tickets.

According to recent research, raising a child to maturity will cost about $200,000 in nowadays. The costs include expenses on child care, education, health care, transportation and housing. Among these expenses, child care accounts for 17% of the total expenses, education accounts for 16% and housing makes up 30%. The money spent on housing is mainly used to add an extra bedroom for the child. The $200,000 only covers the spending on a kid under age 17, and your financial support to your kid before he/she lives independently could be another huge expense.

The high cost could be a good reason to explain the popularity of DINK family and it also supports DINK people’s opinion on their life style. For those who look forward to traditional family life, the high cost could serve as a strong motivation for them to work even harder.