The Cost Of Raising A Child Will Make You Wonder How Your Parents Did It!
The cost of raising kids. Some things you can put a price tag on, like food, clothing, and entertainment expenses. Others, like housing, is just an estimate. But make no mistake...raising kids will cost you thousands! And now we know just how much.
According to the latest statistics from the Department of Agriculture, it will cost $233,611 to raise one child from the time they're born to when they turn 18. Per child. I have three, right? I got light headed when I multiplied that number by three. Where does the money go? The biggest chunk goes towards housing. Other big expenses include food, childcare, transportation, healthcare, and clothing.
I can vouch for all of the above. It seems like we go through food like fire goes through kindling. Clothing and shoes only get more expensive as they get older and just wait til they're old enough to drive! On average, you'll spend around $13,000 a year per child!
The only shred of good news for parents is that the overall cost of raising a child went up only 3% from last year. But did we mention all this doesn't include college? I'm going to pass out....