The U.S. Department of Agriculture has released updated estimates of what it costs to raise a child in the United States of America. If you want to have a child today and take care of the child until he or she reaches age 18, it’s going to cost you over $245,000 — and that doesn’t include college.
If you’re lucky to live in the Northeast, be ready to shell out closer to $455,000 to raise a child to the age of 18. (The USDA study also notes that low-income rural families will spend closer to only $145,500 to raise a child.) The figures encompass costs such as food, a place to live, education, day care/babysitting, that sexy minivan to cart the kids around, clothes, all those doctor visits, school related costs, haircuts and other essentials like ipads and multiple copies of the “Frozen” DVD. It does not include the surprise costs that come along with having a child with allergies or other special needs.
CNNMoney.com has a handy tool to help you calculate just how much you can expect it to cost you to raise a child based on when you have him, where you choose to raise him, and your salary. Take a look!
We’ll instead get back to planning our next vacation.