Cost Of Raising A Kid Rose 40 Percent In Last Decade

Kids are expensive, hitting you up for 18 years or more of food, clothing and healthcare, to say nothing of potential college expenses. As the years go by, they’re only getting more costly. According to the U.S. Department of Agriculture, each youngster you raise will sap $226,920 out of you by age 18. The figure is up $60,000 from 10 years ago — a 40 percent increase.

Sifting through the department’s numbers, CNN points out that every major child-related expense has increased significantly in that span. Rising food and gas prices, as well as more expensive health insurance premiums have all contributed to the sticker shock-inducing figure.

Daycare costs are also on the upswing, putting more multiple-child, two-parent households in the difficult position of having to decide whether it’s worth it for both parents to work rather than have one stay home with the child. Says one working mom in the story, “It takes half of my paycheck to pay for my child care — you start to feel like, Is this even worth it?”

The rising cost of raising a child [CNN]