Tuesday, December 8, 2009

High Cost of Children

By: Nicole Nelson

It’s known to most people that having a child bears a big financial responsibility. But exactly how big is this financial responsibility? The United States Department of Agriculture projects that the range of raising a child to age eighteen is from $55,000 to $365,000. These figures depend on location and income with the highest costs coming from families in the northeastern part of the United States. A two-parent, middle-income family has an average cost of raising a child to 18 years old in 2008 of $221,190. Some things that these figures do not include are college education, the money lost by staying at home instead of working and the cost of childbirth. Parents do get a cost savings when having more than one child. That means parents that only have one child spend 25% more than families with two children. With three children, parents are spending 22% less on each child. Also, although food and clothing are cheaper now housing and health care cost more than it used to. Although children, from these statistics seem to be racking up the bill, they do have some personal positive effects (besides the fact that they are your children). When helping your children with their homework, you can brush up on your lost skills. By throwing around a baseball you can work on your own arm. So although the cost of raising a child has increased, families around the world still add to their families’ every day.

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