Are You Financially Prepared to Be a Parent, Because It’s Costly
Are you financially prepared to be a parent? I sure hope so because according to a recent article I just read in USA Today - It costs A LOT!!!
According to the United States Department of Agriculture it costs nearly $233,610 to raise a child these days - and that doesn't include college.
Just let that sink in for a moment - it costs almost a quarter of a million dollars to raise one child these days.
In the event you're "thinking about it", the Department of Agriculture has put together a 'Cost of Raising a Child Calculator' you might want to check out first.
Granted, the cost of raising a child differs in other parts of the country, but according to the overall report, housing seems to be the biggest expense. Food is second.
For example, to feed a typical teenager, it'll cost roughly $28-hundred a year to keep food in the fridge.
Another big expense is child care - and in this part of the country where it's fairly common for both parents to be working, that figure can add up fast.
Again, according to the most recent statistics, the average middle-class family will spend over $37-thousand having someone else watch their kiddo while they're at work.
The one bright spot in the report though it the more kids you have, the bigger the drop in cost. So, as my Grandpa used to say, "If you're wanting to have kids, let's get busy."
Trust me, it'll be the best thing you ever do.
Source: USA Today