Plan to spend about $10k the first year. The total cost of raising a child is about $235K or the equivalent of the cost of a Ferrari!  Oh My!  Se the link below.  Don’t let this stop you from having a precious child!!  It is not all about money but be prepared.  They do cost a lot and you will likely have to sacrifice on lifestyle. 

View the video here

Middle Income family spends $235k to raise a child to age 17.  And this does not even include the cost of education.