The New York Post
It takes a village … or at least the combined salary of everyone who lives in the village.
A new study by NerdWallet found that raising a child costs between $21,248 and $51,985 in the first year alone. But at least 18 percent of couples planning for a kid in the next three years believe it costs less than $1,000 a year to raise a child, and a staggering 44 percent of all Americans think the first year costs less than $5,000.
The study also found that three out of 10 parents had nothing saved before having a baby, and 57 percent of those surveyed regretted not making more of a financial plan.
Finally, one-fourth of Americans expected their friends and family to help out with more than 20 percent of their kid’s first year expenses.
With the costs of raising a child skyrocketing like this, at your friend’s next baby shower, go big or go home.