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Parents often underestimate the expenses of a child's first year

It is well-known that raising kids has a good deal of expenses connected with it. However, parents may still be substantially underestimating just how expensive it is.

Take, for instance, the findings of a recent NerdWallet analysis. The analysis, through a survey, found that over half of expectant parents believe that the expenses related to a child's first year typically come in at $5,000 or less. Eighteen percent of the survey respondents estimated such expenses to be $1,000 or less.

The study found the actual level of such expenses to be considerably higher. According to the analysis, when it comes to a child's first year:

  • A family with a household income of $40,000 typically has a little over $21,000 in child-related expenses.
  • A family with a household income of $200,000 generally has almost $52,000 in child-related costs.

What do you think is contributing to the significant underestimation by parents of the expenses of a child's first year? One wonders how prevalent cost-underestimation by parents is later in a child's life.

There are many situations in which it can be very important for a parent to have an accurate picture of how much in expenses are connected to raising their kids. One is when they are planning for the future. Another is when child support matters come up.

In child support matters, having accurate information on child-related expenses, such as child care and health expenses, can help with indicating what sort of child support arrangement would be fair and meet the needs of one's child. Another thing it can be important for Florida parents to have an accurate understanding of when they are in child support proceedings are what the rules and processes related to child support are in the state.

Experienced child support lawyers can help parents with staying well-informed on important details and issues throughout the course of child support proceedings.

Source: CNBC, "Raising a baby costs $52,000 - just in the first 12 months," Jessica Dickler, March 28, 2017

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