Raising a Child worksheet-required

NAME: __________________________________________________ The Cost of Raising a Child Directions: Complete the following steps stated below to calculate the cost of caring for one child during the first year of life. After the chart is completed, individually answer the critical thinking questions at the end of the assignment. Remember if you have multiple births you must multiple it by the number of babies that you have. 1.) Guess the estimated costs for each of the items listed. Write down your best estimations. 2.) Research the actual prices of the necessary items. Use various resources located on the Internet to assist in your research. a. Suggestions for Internet resources are: i. www.walmart.com ii. www.target.com iii. www.babyproofingplus.com iv. www.babycenter.com 3.) After you have completed both columns, add up the prices for both estimated and actual costs to create a subtotal for each category. 4.) Complete the last table page 3 by copying your subtotals for each category. Add up all subtotals to calculate a grand total for raising a child in the first year of their life. Baby Care Item Estimated Cost Actual Cost Feeding Formula for one year $2,500 $5,000 8 baby bottles $50 $114 6 bibs $80 $36 3 burp cloths $30 $24 7 receiving blankets $100 $90 High chair $300 $320 Subtotal $3,060 $5,584 Bathing Baby bathtub $200 $40 Baby shampoo $800 $1000 2 bottles baby soap $30 $40 Baby nail clippers $5 $4 Baby powder $500 $850 3 wash cloths $10 $5 3 hooded cloth towels $50 $48 Raising a Child Page 1 of 4

NAME: __________________________________________________ Subtotal $1,595 $1,987 Baby Care Item Estimated Cost Actual Cost Sleeping $2,000 Crib, bassinet or pack-n-play $200 $320 Mattress (with crib) $85 $130 2 sets of sheets $75 $100 2 blankets $50 $60 Subtotal $410 $610 Medical care Pediatrician visits (6 well visits per year) $400 $1,200 Basic first aid kit $5 $3 Thermometer $10 $5 Rash ointment $20 $7 Subtotal $435 $1,215 Baby care Yearly supply of diapers $1,000 $1,400 Diaper pail/Diaper genie $50 $71 Diaper bag $120 $158 Changing table $150 $130 Yearly supply of wipes $2,000 $1,100 Subtotal $3,320 $2,859 Dressing 40 Undershirts (diff. sizes) $150 $180 8 pairs of socks (diff. sizes) $20 $16 10 pairs of sleepers $50 $120 2 hats/bonnets/caps $40 $42 Subtotal $260 $358 Safety Monitor $150 $240 2 safety gates $50 $218 Infant/toddler car seat $200 $230 Subtotal $400 $688 Raising a Child Page 2 of 4

NAME: __________________________________________________ Critical Thinking Questions: Answer the following questions in complete and thoughtful sentences. 1.) What surprised you the most during this assignment? The total cost of everything 2.) Identify three (3) items you feel are not necessary in order to raise a happy, healthy and safe baby. Explain your reasoning for each item. You do not need a book on parenting because the people around you can help with that. Also, the gym because the baby will be able to be active and play with their toys for example. And a book on pregnancy because most parents take classes on pregnancy and others can help you. 3.) After completing this activity, what are two suggestions you have to offer a parent/guardian who has a limited amount of funds? Try to go for cheaper clothes and do not go cheap on things that protect your baby such as a car seat 4.) Do you plan to have children? If yes, at what age and how many children would you like to have? If no, explain your thoughts why you would like to remain childless. Yes, I would like to have three kids by the time I hit 30 5.) Why should having children be included as part of your financial goals? Because you will have to pay for them and everything they do up until they get a job around 16- 17 6.) You are currently working at a job paying $17/hour. Calculate your yearly salary at this job. (hourly wage x 40 hours x 52 weeks). Would this yearly salary make it easy or difficult to raise a child in the first year of life? Explain. It would be difficult because almost half of your money is going to your child and keep in mind you still must pay bills and have money set to side just in case of an emergency Raising a Child Page 4 of 4