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Step 1
Refer to the latest numbers. Tables that show the cost of kids are released regularly. They account for your current income level, but they do not necessarily account for the area you live in. In certain parts of the country, it costs more to raise a child than others.
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Step 2
Total your housing costs. More children means the family will require a bigger house or at least remodeling the house you have. You can keep these costs down by making your current situation work.
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Step 3
Upgrade your vehicle. Just like you'll need a bigger house, more children could also mean that you need a larger vehicle. This includes not only the cost of the vehicle, but insurance, finances charges, maintenance, repairs and gas.
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Step 4
Add up your grocery store receipts. Each new child in your home means another mouth to feed. And that means you'll have larger grocery bills.
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Step 5
Sew some one dollar bills together to make a shirt. That's pretty much the same as the money you'll spend on clothes. When they're children, clothes don't last as long because your child grows so quickly. But those clothes can be used as hand-me-downs and you can save some cash.
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Step 6
Find a good school. In the early years, you pay for childcare and preschool. And if your child attends private school, these costs will continue through high school.
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Step 7
Include your child on your health insurance. This is a monthly expense and you should also consider money you spend on doctor visits, dental expenses and medication.
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Step 8
Throw in the extra charges. Entertainment, reading and personal care are just some of the other categories where you'll spend money on your child.
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Step 9
Remember college. Your child may legally be an adult when college comes around, but it's still an expense for many parents.
