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This equates to a roughly R3 000 per month investment assuming 6% return and assuming the child is currently six years old. "Individual circumstance and affordability differ from one parent to the next.

There's no set amount for how much you'll spend on your child in the first year especially with variables around insurance coverage and childcare needs. Where you live influences your expenses, too, but you should expect to spend somewhere in the range of at least $20,000-$25,000 in year one.

If you take into account an average annual inflation rate of 2.2 percent as well as the fact that one-child households spend an average of 27 percent more on the single child that $12,680 could be over $17,500 in a one-child, middle-income household in 2019, which equals out to almost $1,500 a month.

The study found the estimated weekly costs for low-paid families of raising two children a 6 year-old girl and a 10 year-old boy is $340 per week, or $170 a week per child. While at the lower unemployed standard, the weekly costs of raising two children is $280 per week, or $140 a week per child.

If you're new to budgeting, we recommend divvying up your income with the 50/30/20 approach: 50% for needs such as household bills, minimum loan payments and expenses such as child care, diapers and formula. 30% for financial wants.

They found parents spent an average of $13,186 per year raising their child, although the median cost was only $6,000. Baby items such as diapers, toys and strollers made up 30% of the expenses reported by parents to LendEDU. Meanwhile, health care accounted for 17% of costs and child care absorbed 13% of spending.

Lower income, single-parent households spend an average of $172,200. "When you break it down per year, perhaps it's not insurmountable," says Jean Chatzky, CEO and founder of HerMoney Media. The USDA figure for a middle-income couple raising a child to adulthood equals out to nearly $13,000 a year, or $1,081 per month.

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According to a Care.com survey, the average weekly childcare cost for a baby in 2019 is $199 for a family care center, $211 for a daycare center, and $596 for a nanny, which equals out to a range of $796 per month to $2,384 per month.