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