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At the cost of around $25 per can, that adds up to $100 a month to feed your new baby. If you decide to feed your baby formula, you can cut down on the cost by buying in bulk at your local wholesale club.

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.

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.

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.

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.

Our survey indicated that while first-time moms anticipate spending $591 per month on child care, they actually end up shelling out $650 per month. Child care costs in the U.S. grow every year. A 2017 report showed that between 2015 and 2016, the average cost of weekly day care increased from $196 to $211.

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.

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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.