The median annual cost of raising a child is $22,850. Even post-daycare, parents face significant ongoing expenses for school, activities, and unexpected needs.
Defining emergency, unpredictable, and irregular expenses is crucial. Emergency costs are unplanned crucial needs, unpredictable costs are non-critical surprises, while irregular expenses can be anticipated.
Examples of unpredictable costs include last-minute clothing purchases for school events or birthday gifts for simultaneous parties—these can catch parents off guard.
Irregular expenses like camp fees and back-to-school shopping may not happen monthly, but they are predictable and should be factored into annual budgeting.
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