Raising a child is more expensive than most could imagine. The older your child gets the more5 expensive they are. Housing is the biggest single expense of raising children, while food accounts for 158%-20% of the overall expense. Transportation accounts for 13%-14% of the total, clothing is about 6%, healthcare is only 5%-7%, childcare/education accounts for about 7%-11% not including college costs, and lastly miscellaneous takes in 10%-12% of the total cost.
According to CBN News, “A new government study reveals middle-income families with a child born last year will spend about $221,000 raising the child through age 17. Adjust for inflation and that number climbs to nearly $300,000. That's $13,000 each year and that doesn't include the cost of college (2009).”
A new study shows that more American young adults are becoming “boomerang kids”- that is moving back in with your parents to save on expenses. According to Boston.com, “Luckily, if you have more than one child, you get a bit of a bulk discount: People with two children spend about 25 percent less on the second child, and those with three or more spend 22 percent less one each one, a Time Magazine article points out. That’s because some of the biggest expenses- housing, healthcare, and transportation—don’t have to be re-purchased when another child joins the family (2009).”
Sources: http://moneycentral.msn.com/content/CollegeandFamily/Raisekids/P116306.asp
http://www.cbn.com/cbnnews/finance/2009/August/How-Much-Money-Does-it-Cost-to-Raise-a-Child/
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