Wednesday, August 5, 2009

Cost of a child

I was on Yahoo today and saw this article and thought it was interesting.

It's no secret that raising children can be expensive, but how about nearly a quarter of a million dollars expensive?
A government report released Tuesday says a middle-income family with a child born last year will spend about $221,000 raising that child through age 17.
Families with more income spend more money on child-related costs, the report said. A two-parent family that earns less than $57,000 annually will spend about $160,000 on a child from birth through high school. Those with an income between $57,000 and $99,000 spend about $221,000 and those with higher incomes are expected to spend roughly $367,000 through age 17.
Most single-parent households in the U.S. make less than $57,000 and are expected to spend about 7 percent less on child-rearing costs compared to two-parent households in that same income group, according to the report.
Costs of raising a child are highest in the urban northeast and lowest in the urban south and rural areas.
The USDA report helps courts and states determine child-support guidelines and foster care payments. It does not address costs specifically related to childbearing and paying for college.
One of the largest changes over time has been the increase in costs related to care for young children.
The report was first issued in 1960, when such costs were largely negligible, but with more working families turning to outside help with child care, it has grown to be a significant expense for many families. The report does not give total costs related to early child care.
A mother of three, Raben Andrews of St. Louis, said the government figures sounded right to her. "Well, that's not half of it," joked the 42-year-old public school teacher. "I still have to put the little buggers through college."

So they mean to tell me that in our income range I will spend $160,000 per child x three = $480,000 dollars! Sounds like a lot to me. I hope I don't spend that much. Good thing I stay home and watch the little stinkers myself or It might just be up there.


Kristin, Scott, and Emily Mabb said...

Good thing you use coupons too, yes?? Speaking of which, what is the program that you are using to do your coupon shopping? I am looking for a new program to start using.

Lara said...

I always think those kinds of studies are a tad bit ridiculous. There are those of us who are more frugal than that. :)