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. [More]
The new government estimates are out on child rearing, and now “a middle-income family can expect to spend $291,570 including inflation to raise a child born in 2008 to adulthood” (not including childbirth or college), reports Reuters. In today’s dollars, it works out to between $11,000 and $13,000 annually. If you’re planning on having a family in the future, here’s another incentive to get your financial house in order first—take control of your debts and spending, learn how to budget, and start saving. You’re going to need it, unless you can score a reality show on basic cable.