Before President Rodrigo Duterte assumes his job, he already discussed his idea about three-child policy. He’s also open to have a talk with Church officials about this issue. While waiting if it will materialize, let’s check the benefits of family planning and your own child-policy in your finances.
“I only want three children for every family,” Duterte said, via ABS-CBN News, in an event in Davao city. “I’m a Christian, but I’m a realist so we have to do something with our overpopulation. I will defy the opinion or the belief of the Church.”
In reality, raising a kid is challenging and costly depending where country you reside. In the Philippines, some parents cater their offsprings stay even they get old and have their own families. Apart from this, there are isolated provinces that are far from affordable and decent medical facilities, educational institutions, and government agencies.
According to Rappler and Col Financial’s infographic, pregnancy and early kid’s education squeeze parents’ budgeting prowess. The cost for monthly or weekly checkups with an OB Gyn is around Php 500 and Php 770 to Php 2250 for ultra sound or other required lab tests. In addition to these, they need to spend for vitamins or supplements (approximately Php 2000), delivery (normally around Php 15, 000 to 60,000), and vaccination (Php 30, 000) in the first few years of their kids. Of course, unexpected medical issues may pop up and demand Php 1600 to Php 3000 estimated hospital confinement.
Overall providing education is still the important expenses to think about. Every year the tendency for tuition hike is unstoppable. Furthermore, it will take almost two decades before any student graduates from school. The same infograhic suggested that for a family with five members, the living cost is about Php 349, 000 per year. In the US, raising a kid “born in 2013 to age 18” is $245, 340 as per the Wall Street Journal’s report.
Beyond the expenses, the joy of having kids is priceless. What the figures suggest is not to stop anyone to have their own families, but be smart in money management to be good providers and enjoy life as well.