Having a Baby? Here’s a Tip to Save! Raising a child is estimated to cost almost $12,000 in the first year. While you should never economize on safety items (like car seats, cribs, and intercoms), there’s no reason to spend big money on outfits your child will outgrow in a matter of weeks. Yes, you’re going to be tempted to splurge, particularly if this is your first child, but you have to think rationally.