Other major expenses include clothing, childcare, healthcare and education. Clothing costs include diapers, pants, shirts, and seasonal clothing. Including dry cleaning, laundry and alterations, clothing can cost $30 to $100 monthly for the basics. If your child wants the latest fashions, this cost may be much more.
For healthcare, the average expenditure is $15,000 for a 17-year period. Basic childcare, such as preschool services and babysitting, can cost as much as $20,000 for the same timeframe.
Education becomes the largest expense once children attend college. Although some children receive no college help from their parents, many kids are lucky enough to get some family aid. If parents wish to pay for their kids to get an undergraduate education, parents may need to spend as much as $100,000 to $200,000 for each child’s education.