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.
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