Parenting takes a lot of things- patience, endurance, and a ton of love! But, it also takes cold, hard cash!
What’s The Cost of Parenthood
The average cost of raising a child born in 2013 up until age 18 for a middle-income family in the U.S. is approximately $245,340(or $304,480, adjusted for projected inflation), according to the latest annual “Cost of Raising A Child” report from the U.S. Department of Agriculture. ~HuffingtonPost
To adjust for different factors such as the area that you live, college, and single parenthood, visit the link above.
The USDA has a calculator too…
USDA Cost Of Raising A Child Calculator
The Biggest Expenses?
- Child Care
Housing is typically the biggest expense.
The cost of housing is the largest expenditure when it comes to raising children. Regional differences in housing prices explain some of the variance we see in different parts of the country. ~MarketWatch
According to CNN Money, one of the biggest strains is the cost of child care,
Child care, in particular, is a huge burden — often costing as much as the family home.
The above figures do not even include college, so be prepared to add $18,000 a year for public or $41,000 a year for private college education!
This can all seem very, very overwhelming, but hey those beautiful little additions to your life are priceless, right!
Also, check out- Million-dollar babies: The cost of raising a child, Today’s Parent