How Much Does a Child Cost Per Month?

Whether you are expecting a child, have just welcomed one into the world, or are planning for the future, it’s helpful to understand how much it costs to raise a child. 

You’ve probably heard that raising kids is expensive, and that is (unfortunately) true. But how much does a child cost per month? And what does the spending breakdown look like? We’ll take a closer look.

How much does a child cost per month?

From rent to utilities to credit cards, most bills are paid on a monthly basis. So if you’re trying to find out how to fit the cost of raising your child into your budget, it makes the most sense to look at your potential monthly expenses.

Keep in mind that these numbers are just estimates. If your child has a serious medical condition or you live in an expensive city, for example, the costs may be significantly higher. Similarly, if one parent is staying home with your child, your expenses in the early years may be much lower.

Infants and toddlers: 0 to 3 years old

According to SmartAsset, the average annual cost of raising a child under five years old is more than $25,000 per year. These are some of the major expenses in the early years:

• Formula or Food: Around $50 to $150 per month
• Childcare: Around $500 to $2,000 per month
• Diapers: Around $70 to $100 per month
• Healthcare: Varies based on your insurance plan and your child’s medical needs
• Housing: Varies based on your location, family size, and specific needs
• One-Time Costs: Such as a stroller, car seat, and crib

In total, the monthly cost of raising a baby or toddler ranges from about $1,000 per month to over $2,500.

Early childhood: 4 to 8 years old

Raising a young child is generally less expensive than raising a baby or toddler. Along with healthcare and housing, these are some of the main costs:

• Food: Around $150 to $400 per month
• Clothing: Around $30 to $100 per month
• Sports and Extracurriculars: Varies, but often around $100 to $300 per month
• Childcare: Around $500 to $1,500 per month

For most families, the cost of raising a child aged four to eight is about $1,000 to $2,000 per month.

Middle childhood: 9 to 12 years old

The monthly cost of raising a child tends to decrease when they’re about nine to twelve years old. These are some of the costs to consider:

• Food: Around $100 to $300 per month
• Clothing: Around $50 to $200 per month
• Childcare or After-School Programs: Around $500 to $1,000 per month

Housing and healthcare will also continue to contribute to the cost of raising your child. Around this age, children often need access to technology, such as laptops for schoolwork.

The typical cost of raising a child of this age ranges from around $500 to $1,500 per month. If you’re paying for childcare, expect to pay near the high end of this range, or even more.

Teenage years: 13 to 18 years old

The cost of raising a teenager can vary considerably. If you buy a car for your child, for example, you’ll need to factor in the increased cost of car insurance along with the price of the vehicle. Food and clothing costs will usually also rise.

Many teens also need smartphones and laptops. Depending on your circumstances, the cost of raising a teenager could be as low as $500 per month or higher than $2,000.

How to safely lower the monthly cost of raising a child

Cost shouldn’t be your top consideration when raising your child. However, if you’re like most parents, you’re hoping to reduce expenses without compromising the quality of the care you provide. Here are some tips for saving money.

Shop secondhand

You can save hundreds of dollars by purchasing used strollers, clothing, and other items.

Plan your meals

Planning your meals ahead of time can help you put a limited grocery budget to good use. 

Choose free activities

You don’t have to spend a lot to have fun. You and your kids can make memories at public pools, local parks, libraries, and free events and festivals.

Track your expenses

When you’re caught up in the challenges of raising a child, tracking your expenses can seem like just one more thing to manage. However, when you look closely at your cash inflow and outflow, you’ll identify areas where you can cut back. You can even put that money toward saving for your child’s future.

At Grant Cash Advance, we make tracking your expenses simpler. In addition to offering our qualified users cash advances of $25 to $500, we provide spending insights to help you take control of your budget.

And if you’re looking to pick up a side hustle, our Earn Cash tool connects you to games, surveys, and other online opportunities to earn points for cash.

When it comes to managing the cost of raising a child, there’s often a learning curve

Raising kids can be financially and emotionally stressful. No parent gets everything right 100% of the time, but if you’re planning for how much it will cost to meet your child’s needs, you’re already ahead of the game.