Parents of a special needs child will spend a lot of money on care throughout their child’s lifetime. Recurring expenses of any kind are what define a family’s financial lifestyle, so more bills and specific needs means a more expensive lifestyle.
BY JOHN LATONA
Raising Children is Expensive
Kids are expensive. (You don’t say…) As a parent of two young children, I know this first-hand. For those of you who have your first child on the way, or are considering having kids in the near future, it’s important to understand just how much raising little ones can cost so you can properly prepare. Well, prepare as much as you can with kids. The U.S. Department of Agriculture estimates it can cost up to $233,610 to raise one child until they reach age 18. This estimate accounts for essentials like housing, food, education(excluding college) and daycare. But, expenses can vary by age of child, where you live and your lifestyle. What many expecting parents don’t think about is how that figure changes when raising a with a child with special needs. Autism advocacy group Autism Speaks estimates that the average cost of lifetime care for a person with autism is $1.4-million, while a person with autism and an intellectual disability can require up to $2.3-million in lifetime care. In any case, it’s impossible to know exactly how much money it will cost to raise your children. However, there is one way to protect your family and make sure they financially taken care of.