The Cost Of Raising Kids Is Nearly 240K Before College Here’s Why
It’s never been cheap to have a kid, but just like practically everything else, it’s getting more expensive. Forget paying for diapers haha! So how much does it cost to raise kids you’re wondering? The cost of raising kids is nearly 240k, and that’s before college! LendingTree has done a little research on this topic. The costs are astonishing. From raising a child from birth to age 18 it now costs us an average of $237,482.
The financial firm finds that the average annual cost of child rearing in the U.S. was up. It rose to $21,681 in 2021 – the most recent year data is available for – an increase of 19.3% from 2016. And this amount doesn’t even include sports, after-school classes and activities, or the cost of sending them to college. This amount is just what LendingTree calls the “bare bones” required for raising a kid: food, housing, apparel, transportation and health insurance.
How much does it cost to raise kids? Here’s key findings from CBS News:
- The biggest expense of raising a kid is child care, which comes to an average of $11,752 a year.
- The location makes a big difference in that amount, with costs in Washington, D.C. topping $25-thousand a year and in Massachusetts, it can be $21-thousand a year.
- The most expensive state to raise a child is Hawaii, where parents spend an average of $30,506.
- Mississippi is the most affordable state for parents, where a year of child raising expenses averages just $15,555.
- In the U.S., parents spend about $1 of every $5 on raising their kids.
- The cost of 18 years of raising a child is highest in Hawaii at $314,529 and lowest in South Carolina at $169,327.
- And when you add in paying for college, the price of raising a kid could double, depending on where you live and what kind of college they go to.
Have kids they said. You’ll enjoy raising them they said. Hahaha!
4 Wedding Things Couples Can Skip To Save Money
The Champagne Toast
A view of the Champagne Flutes at A Dinner with Rick Bayless and Daniela Soto-Innes part of the Bank of America Dinner series curated by Chefs Club at Hôtel Plaza Athénée on October 14, 2016 in New York City.
We avoided this because of how hard it’s to coordinate and to be honest, it’s a little over-rated. We much preferred that everyone toast with their favorite drink.
Balloon Backdrops
RHINEBECK, NY – JULY 31: Balloons are displayed in a store window as the town prepares for the wedding of Chelsea Clinton and Marc Mezvinsky on July 31, 2010 in Rhinebeck, New York. (Photo by Michael Loccisano/Getty Images)
Balloons are right for a lot of occasions, but I don’t think they are necessary for weddings. The wrong style or color can really make it look cheap.
Personalized napkins and place settings.
WASHINGTON, DC – FEBRUARY 10: Place settings for Tuesday night’s State Dinner for French President Francois Hollande at the White House February 10, 2014 in Washington, DC. The media was also given a tour of the Blue Room ‘to highlight America’s strong, longstanding relationship with France and the unique character of our bilateral relationship by showcasing some of the early French influences and artifacts that have been in the White House for centuries, and can still be seen today.’ (Photo by Chip Somodevilla/Getty Images)
Guests will be wiping their faces and spilling drinks on your napkins, and food’s going to be dropped on the place settings. Anything not personalized will be way cheaper.
Printed wedding programs.
PARIS, FRANCE – SEPTEMBER 30: Invitations are seen during the Alexis Mabille show as part of the Paris Fashion Week Womenswear Spring/Summer 2016 on September 30, 2015 in Paris, France. (Photo by Pascal Le Segretain/Getty Images)
Sure these add a bit of glam to the wedding, but they aren’t necessary. Maybe more of a keepsake for Grandma?
SOURCE: NY POST
