Did you have a baby in 2012? Congratulations—start saving! According to USDA’s Cost of Raising a Child report, you’ll need $241,080 ($301,970 adjusted for projected inflation) for food, shelter, and other necessities to raise him over the next 17 years. That’s a 2.6 percent increase from 2011.
Expenses for child care, education, health care, and clothing saw the largest percentage increases from 2011. However, there were smaller increases in housing, food, transportation, and miscellaneous expenses during the same period. The 2.6 percent increase from 2011 to 2012 is also lower than the average annual increase of 4.4 percent since 1960. Check out the USDA’s infographic for more detail:
Want a more accurate report on how much your kids cost? Fill in all your info in the USDA’s calculator and get the results for how much each child costs. But be prepared for the numbers.
I just found out that my girls will cost me $47,520 a year! That’s about $5,000 over the national average. I guess that’s the price of living in Baristaville. Now I’m really going to make those Chore Flip Cards and start making my girls earn their keep!
How much will your kids cost you this year?