While having a family is certainly a wonderful thing, one thing's for sure - it ain't cheap. That little bundle of joy is going to cost moms and dads a pretty penny over the years, and a new report reveals just how much parents are dipping into their wallets for their kids.
A survey of more than 1,000 Americans by OppLoans finds the average American is shelling out $9,470 per child every year, although that number could go up or down depending on where you live. For example, parents in Washington, DC are spending the most on their kids, $17,920.50 a year, while those in Montana only spend about $2,000 a year on their children.
And while you may think it’s moms that are pampering their kids the most, the survey finds that it’s actually dads who are spending the most, around $9,486 a year, which is $678 more than moms, who spend about $8,798. And it turns out your relationship status also affects how much you spend, with married parents only spending about $8,368 a year, while single parents shell out $10,173 a year.