How much it costs to raise a child in South Africa
Raising a child in 2024 is not cheap!
With the new school year starting, many parents were shocked when they realised how much it would cost to get their kids through the year.
Unfortunately for new parents, this does not only mean getting them through school.
According to Rapport, it could cost parents R3-million to raise children from the moment they are born to graduation.
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An actuary from Momentum, Paul Menge, gave Rapport a breakdown of what it will cost to raise a child, and it is quite shocking.
According to this breakdown, it will cost about R550,000 for the first six years of a child’s life.
It can cost between R640,000 and R880,000 to get a child through primary school and about R1-million to get them through high school.
It’s important to note that the high school price does not include getting your child a small car.
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Lastly, a three-year BSc degree could cost parents about R660,000.
These prices include medical aid, school fees, extracurricular activities, other school-associated costs, and pre-natal support and birth costs.
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