Kids Cost More Today… A Lot More!
CNN had the following story that will hit home for any parent. Enjoy!
$226,920. That’s how much it’ll cost you to raise a child from birth until they’re out of high school. Fresh data from the U.S. Department of Agriculture shows that figure is a whopping 40 percent higher than what it was at the start of the decade.
In 2000 — parents were paying about $165,000 over the first 18-years. That comes out to an annual average of $9200. But a steady rise over the past ten years brings it up to $12,600 a year.
Economists from the USDA say everything associated with raising kids has gotten more expensive over the past decade — like buying groceries or filling the gas tank. Plus, the struggling economy during the great recession cause a flood of layoffs, further impacting already cash-strapped families. And if all that wasn’t enough — the figures don’t include the cost of college… which can easily reach six figures at private universities.
That hurts, doesn’t it? Sorry I brought it up. My wife and I are now into the college bills for two of our three boys. Retirement is not something I’ll be enjoying for many more years.
- The high cost of raising a kid (money.cnn.com)