I was scrolling through my Twitter feed when this headline popped out: "$245,340: Cost of raising a child born in 2013." Apparently, a middle-income family with a child born in 2013—which I have (my daughter Lena was born 8/25/13)—can expect to spend about $245,340 for food, shelter and other expenses up to age 18. This is an increase of 1.8% from 2012, according to the Agriculture Department. The estimate does not include college.
Well, guess I better keep feeding the piggy bank. It just makes me nervous to think how I could ever afford to have another child. Well, the USDA did say in their statement that the more children a family has, the more their costs per child decline. In fact, a family with three or more kids might spend 22% less on each child than families with just two children. Why? Hand-me-downs. Plus, parents of multiple kids often buy food in bulk at more wallet-friendly prices.
Phew, guess Lena won't have to be an only child after all. I still have a couple years before I'm ready for the next one, but always good to plan!
What are your thoughts on the cost of raising a child?