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Loo & Chilli

The Cost of Raising a Child

 

(Pixabay)

 

Thinking of taking the “mommy plunge”? Well, I hope you’ve got a money tree in the backyard because it’s gonna cost a pretty penny.

According to an annual study released by the U.S. Department of Agriculture, a middle-income family can expect to pay $245,340 to raise one child up to age 18. By the year 2030 --adjusted for anticipated annual inflation of 2.4% – it’ll be more like $304,480. And, if you’re of the wealthier persuasion, you can expect to pay about $407,820! 

The good news is that the cost hasn’t risen much over the past year -- excluding pregnancy and college expenses -- only increased 1.8%.

Here are the biggest budget busters:

1. Housing makes up 30%, (unchanged from 2012)

2. Child care/education (18%)

3. Food (16%).

How much it costs also depends on where you roost. Those living in the urban south could expect to spend $230,610 on their child, but those living in rural areas could expect to spend way less -- $193,590. With families living in the urban northwest paying the most at $282,480.

 

Source: Time

 

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