Raising Children: The Real Cost and Financial Planning Strategies

2024-02-09 19:02:42

Low-income countries have the highest infant mortality rates.
The childcare sector includes a wide range of products ranging from diapers and wipes to items related to baby safety, transportation and feeding.
According to an article published in early 2022, an American baby uses between six and ten disposable diapers a day, which depending on the brand can cost between $960 and $1,440 per year on average per child.

In the midst of a debate about the cost of living to raise a child, businessman Ricardo Salinas Pliego expressed his dissatisfaction with the calculations provided by the media “El Sol.”

Under that premise, it is well known that the decision to have children is one of the most significant in a person’s life, and one of the most important factors to consider is the cost. financial associated with raising and caring for a child. From basic expenses like food and clothing to education and healthcare, supporting a child involves a significant investment of financial resources.
Food expenses constitute an important part of the family budget. The cost of feeding a child includes not only the food itself, but also bottles, baby formula, diapers, and possibly nutritional supplements.

It is widely known that the skin of newborns is extremely delicate and requires special care. For this reason, several brands in the personal care sector have expanded their reach to this demographic. Among them, Johnson & Johnson has traditionally been one of the most prominent; according to Statista data, the brand has exceeded $2 billion in turnover in the early 2010s. Despite this case, it is a fact that products such as creams and others intended for the body care of babies continue to generate considerable economic income. In 2021 alone, these products generated more than 4 billion dollars worldwide, highlighting China and the United States as the main markets for this income. These two countries are also leaders in the market for another fundamental product within this segment: diapers.

Cost of living to support a child makes Ricardo Salinas angry

The aforementioned media shared data that suggests that maintaining a child only costs 7,990 pesos per month. Faced with this statement, Salinas responded sarcastically, questioning his followers if that income was really enough for them to cover the needs of their children.

Salinas’ statement generated an intense exchange of opinions on social networks. Many users backed her words, arguing that the figure provided by “El Sol” was unrealistic and did not reflect the true costs associated with raising a child. They noted that care, education, food and other related expenses make supporting a child significantly more expensive than the aforementioned calculation suggests.

The debate about the cost of living and the real capacity of people to support their families continues to be a relevant issue in society, and the intervention of public figures such as Ricardo Salinas serves to highlight these concerns and generate deeper reflections on the economic and social policies that impact families in Mexico.

Some comments that stand out in Salinas’ publication:

???????????????? oh how they invent nonsense… how many of you cost $7,990 to support your children?

— Don Ricardo Salinas Pliego (@RicardoBSalinas) February 9, 2024

Proper financial planning is essential to meeting the financial challenges associated with raising a child. This may include creating a detailed budget, finding ways to save on everyday expenses, and investing in savings programs for your child’s education. It is also important to consider insurance planning to protect against emergencies and unforeseen events.