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Cost of Raising A Child: $222,360

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    Cost of Raising A Child: $222,360

    A child born in 2009 will cost nearly a quarter of a million dollars, or about $222,360, to raise to maturity, up a little less than 1% from 2008, the Agriculture Department said Wednesday in its annual report on the average cost of raising a child. (The department runs the survey to help courts and state governments set child-support guidelines.) Expenses for child care, education and health care rose the most compared with 2008, while the cost of transportation for a child actually fell, the department said. Annual child-rearing expenses for the average middle-income, two-parent family range from $11,650 to $13,530, depending on the age of the child, the department says...

    cost-of-raising-a-child-ticks-up: Personal Finance News from Yahoo! Finance

    #2
    Wow that comes out to an extra $1090 a month for the first child. And $363 of that is the cost of an extra room per month. So since I already have the extra room, I can expect my first child to cost an extra $727 a month. Does this sound reasonable to the parents out there? I guess much of this might be lump costs such as early medical costs.

    BTW you all might want to check out the USDA's Cost of Raising a Child Calculator:
    USDA Calculator

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      #3
      Thats crazy! They don't account for the frugal people. I don't buy half the stuff my kids friends get. And 1090 a month, there was a good many years I didn't make that much less use that amount on the kids.

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        #4
        I suppose it depends - kids can easily cost $100k in daycare or $200k in lost wages (alternative).

        We are frugal as can be, but there is no doubt kids are expensive. When you give up a large wage to raise your kids - makes a difference. That's kind of the frugal thing to do, but it sure cost a LOT more than being childless.

        Health insurance is the other biggie, for us. Third would probably be college.

        No we don't buy a lot of "stuff" for our kids, but "stuff" isn't really the expensive part of child rearing, in my opinion.

        In reply to snshijuptr - no - not early medical costs. Health insurance for 2 kids until they turn 18 or 24 or wahetever. Runs at least $300/month. That's just for 2 healthy children. Could be much worse.
        Last edited by MonkeyMama; 06-14-2010, 01:38 PM.

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          #5
          Originally posted by irmanator View Post
          Thats crazy! They don't account for the frugal people. I don't buy half the stuff my kids friends get. And 1090 a month, there was a good many years I didn't make that much less use that amount on the kids.
          This number gets published every year and we shoot it down every year.

          It is a broad estimated average. Certainly, plenty of people spend a lot less and I'm sure plenty spend a lot more. You can't be spending $12,000/year on your kid if you only earn $30,000 or $40,000 or if you have 2 or 3 or 5 kids. They include day care. What if you have one stay at home parent? They include health care. What if you have great insurance? There are so many variables that make this number essentially meaningless.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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            #6
            Thank the Lord this number is wrong! lol We're thinking about kids and this is quite the deterrent... =)

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              #7
              Divorce law

              Let me tell you.
              I am going though a divorce.
              Everybody, including my lawyer complain that the government is crazy, how do they pretent a family to raise a kid with so little money>?!!!

              Well, they assign an amount to the child depending on parents income and from there they determine each parent contribution to that amount.

              Well, in my case, the 'family' amount came to $2,072. My lawyer immediately point out "I know it is too little, but those are the guidelines"

              I replied, well, I am frugal, I really don't spend even $1000 on my child per month and I cover all his expenses($630 is child care). She looked at me as if I was either wrong or crazy, or both.

              How in heaven would I manage to spend $2,072 a month in my 2 year old?
              It comes to show how unique we are

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                #8
                that is a lot of money!!!!

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                  #9
                  err I have 5 and all 7 of us spend that in a month.......

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                    #10
                    Next thing you know, the government will ask whether or not you can afford having a child without Welfare help. Income qualification is required. Big brother is watching...LOL!
                    Got debt?
                    www.mo-moneyman.com

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                      #11
                      Makes me glad that I'm not having kids!

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                        #12
                        That number doesn't count either daycare or not working. I know right now I'm losing at least $30k a year not working, but more likely closer to $80-90k. So if I stay at home for 1 year with each kid, I'd make that $220k after 3 kids. Good thing it's not about the money.
                        LivingAlmostLarge Blog

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