Parents, tighten up your purse strings – kids are getting more expensive every year!
The cost of raising a child from birth to age 18 has jumped more than 40% in the last decade. According to the U.S. Department of Agriculture, for a middle-income, two-parent family, the average price tag for one child last year was $226,920 – a $60,000 increase from 10 years ago. And that’s not even including college tuition!
The rising costs can put a serious strain on a family’s budget, especially in these shaky economic times.
“Everything is more expensive and each family makes its own set of trade-offs,” Ellen Galinsky, president of the Families and Work Institute in New York told CNN. “Many parents are working longer hours, or another job, and they are giving up time at home. It’s a complete catch-22.”
So where is all the money going? Here’s a breakdown of what parents can expect to pay (based on 2010 costs) over the nearly two decades of raising a child:
- Housing – $69,660
- Child care and education – $39,420
- Food – $36,210
- Transportation – $30,900
- Miscellaneous – $19,110
- Health care – $18,420
- Clothing – $13,200
How are you handling the rising cost of raising a child?