Updated figures from the Agriculture Department’s Center for Nutrition Policy and Promotion show that the cost of raising a child in a middle-income family has continued to climb.
The report, released Thursday, shows a 3.5% increase in child-raising costs from 2010. Housing expenses were cited as the largest contributor to the cost of raising a child, followed by the cost of child care such as babysitters or daycare. Other costs include transportation, food and clothing. We broke them down by category here.
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But the $235,000 figure does not even include the expenses associated with pregnancy, childbirth or college tuition.
Despite these rather bleak numbers, don’t despair: It’s not becoming too expensive to have kids.
We have previously discussed easy ways to cut back on the things families spend most on, like grocery bills or health care costs. Plus, our Baby On Board bootcamp has many tips for readying your finances when you are welcoming a new child to the family.
Another upside of having more children, according to The Huffington Post article, is that the cost per child actually decreases the more kids you raise. Because of perks like using hand-me-downs and buying food and groceries in bulk quantities, there is no need to worry about one-to-one increases in cost with increases in family size.