Question: I'm thinking of becoming a teen parent.
How much money do I need to raise a child? Answer: It costs between $134,370 and $269,520 to raise a child for
17 years, according to the Expenditures on Children and Families 2004 report. That means most parents need to spend
at least $7,900 a year on one child.
*Remember you ARE responsible for your child until
they ARE 21 years old!*
See how much you can spend on a child:
This cost depends on a lot of factors. Rent is typically the most expensive part of a household budget. So, you need to figure
out where you’ll live and how much that will cost. If you can stay with your parents or other relatives, either rent
free or with a low rent, that’s probably your best bet, at least for a while.
Other major expenses are food, clothes, health care, day care, transportation, and your future education, meaning college.