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For us, daycare (or nanny in our case) is by far the most expensive part. Diapers/clothes/food aren't THAT expensive in my opinion. You can cut costs, buy used, etc. But daycare/nanny is kind of one of those fixed costs unless you're a SAHM. If we didn't have the nanny costs, we would be MUCH better off financially.

Even aside from daycare, a child is expensive because of health insurance costs, the hospital bill for having the baby, diapers {cloth or disposable}, and baby gear like car seats, strollers etc. For those that formula feed, the formula is expensive, and breast pumps are expensive for those that pump. Babies are expensive no matter which way you look at it

I don't know from experience, but my closest friend who is a SAHM has two babies plus two step sons. She says that having kids costs less than what people make it out to be. She is pretty financially savvy, and even with paying child support her family doesn't struggle.

I guess it also depends on how you define what "expensive" is and what your expectations are. I thought spending $300-$400/month, excluding nanny,was totally reasonable (to raise a baby) and that's about what we spend a month. This includes diapers, wipes, food (we make our own baby food), the occassional toys/books/clothes/shoes. We have a great health insurance so our co-pays aren't that high (maybe around $20 an office visit every 3-6 months). Our nanny costs us $2000/month. So yeah, without our nanny costs, we would be saving so much more. Car seats/strollers/baby gear...you can do without the fancy ones. I think we spent around $500 for these things (the rest we received as gifts). But this was a one-time expense. It's the monthly costs that add up.

In addition to what the others have already said, there's also when they are toddlers... Classes to keep them active and entertained such as gymboree, ballet, soccer, etc can really add up. The baby stage only lasts for so long... Before you know it, they are ready for these classes, daycare, or preschool. In my area (NYC) it's pretty expensive.

So far for me it was when she was really little when she was expensive with all the diapers and having to buy clothes more often. Now that she is potty trained and all that fun stuff we only have to buy her clothes every now and then and even that isn't that bad since you can buy second hand if you choose. And it isn't like she eats a whole lot so it doesn't add too much to our grocery bill.

@Mrsbells hit it on the head - health insurance costs cannot be forgotten about. They come out of your paycheck before you get your money but they can be wicked expensive and are always going up, unfortunately.

@cyndistar3: My husband's does as well, thankfully.