A new study shows it costs about $221,000 ($292,000 when adjusted for inflation) to raise a child. Does cost impact your decisions, when it comes to growing your family?
Well listening to the Song "I Wish I had a Million Dollars" made me think I'll take 4. I just saws this note here.
ST. LOUIS -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.
The report by the USDA's Center for Nutrition Policy and Promotion identified housing as the largest single expense, followed by food and child care/education costs. The $221,000 in expenses rises to about $292,000 when adjusted for inflation.
USDA economist Mark Lino, who co-authored the report with Andrea Carlson, often hears people say children cost a lot when the annual findings are issued.
"I tell them children also have many benefits, so you have to keep that in mind," he said.
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.
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.
The report by the USDA's Center for Nutrition Policy and Promotion identified housing as the largest single expense, followed by food and child care/education costs. The $221,000 in expenses rises to about $292,000 when adjusted for inflation.
USDA economist Mark Lino, who co-authored the report with Andrea Carlson, often hears people say children cost a lot when the annual findings are issued.
"I tell them children also have many benefits, so you have to keep that in mind," he said.
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.
Well I find these numbers way low.
Lets see Here are some neccessities for kids.
- Soccer/VollyBall Camp
- Summer Camps
- I Pods and I Tunes
- Health F***ing Care. (That's a Pandoras Can of Worms)
- Food
- Supplies/Bus Passes/Pepperidge Farm Fishies
- Shampoo. (Estimated 500.00 per year over 20 years,,it adds up)
- Skateboards and Bikes
- Fines for stuff they break.
- And a giant accrual for all the change that dissapears fron Various change drawers.
And the crazy assumption this survery makes. Til they reach the age of 17. Lets face it that are not signing with a major league team at that age.
They are.
- Going to College
- Driving a Car.
- Eating alot more.
I guess I forgot about that yearly Tax deduction. And lets face it when kids are young they actually make you money because you can not go to a movie or hiking the Alps.
Still I think the figure stated above was for raising a dog.
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