That's from birth through age 17, and it doesn't include college. How does your spending compare?
By MSN Money partner on Tue, Oct 11, 2011 10:03 AM
http://money.msn.com/how-to-budget/arti … 5a50e42650
This post comes from Miranda Marquit at partner blog Bargaineering.
Every year, the U.S. Department of Agriculture issues new statistics on the cost of raising a child from birth to age 18. The latest report says the average cost is $226,920 -- almost 40% more than a decade ago, CNNMoney reports.
That's for a middle-income, two-parent family with two kids in 2010. The numbers (.pdf file) change if you have a different income, or live in certain areas.
You can go to the USDA website and use its cost of raising a child calculator to get a more personalized view of the cost. According to my income and location, the USDA predicts I'll spend $26,463 a year on my son from birth through age 17. I'm pretty sure I'm not spending that much now. But I thought I'd work it out anyway.
does this figure seem low?
We didn't earn that kind of money to spend on children, however our 3 girls had everything they needed + plenty of love and attention .
They are all well adjusted hardworking adults now & the oldest has 2 children.
I think the average cost in Australia is pretty high.
That amount would only cover the fees at a good private school.
By my calculations, a parent would have to spend a little over 13,000 per child until 17 to get that total. I know that's too high for most working class families. Earnest ,yes, if you send them to private school the costs could be higher..
Median family income in the US in 2006 was $50,000, or just over $4,000 per month. Deducting just 25% for taxes leaves $3,000 per month net. At $227,000 for 17 years, that's about $1,000 per month per child.
I don't know any families that spend 2/3 of their net income supporting 2 children.
by lovelife085 years ago
What are your views on this matter? Do you believe people should wait until they are married to get pregnant? Do you think it is okay to get pregnant if a couple is in love but are choosing not to get...
by Beyond-Politics3 years ago
In MY line of work, I meet all manner of types of parents, some worthy of praise while others should have their parental rights questioned. As a parent, what advice would you give to ensure (or at least create the...
by Steven Escareno6 years ago
i just saw this film called, "life as we know it", and it's about these two people that get fixed up on a blind date, and they both hate each other. The girl is a bit of a control freak about everything, and...
by brittvan2222 months ago
Just this morning Jon Gosselin from TLC's Kate Plus 8 is seeking full custody of only Hannah. On the real housewives of Atlanta it was revealed that her mother had 5 kids, kept three and sent Nene and one of her...
by Kathryn L Hill17 months ago
They wanted equality and they have had it for years now.However, I am seeing a trend which is more than alarming.Women are having babies and abandoning them to daycare. Why? Because they have to get back to work.(To...
by Barefootfae4 years ago
Once again there is a call to raise the minimum wage.Now....common sense and a little education will tell you that when you raise the minimum wage, prices go up to compensate. Also, you stand the chance of having a nice...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.