Raising kids can cost a lot of money. A new study has shown that it costs at least $250,000 and that is if your kid is being good. We all know kids come in a little package but they can cause a lot of damage and end up costing you a lot more money
Costs of Children
It's no shocker that raising a child can put a strain on family finances. But seeing the total cost may leave you stunned. The average cost of raising a child born in 2013 up until age 18 for a middle-income family in the U.S. is approximately $245,340 (or $304,480, adjusted for projected inflation), according to the latest annual "Cost of Raising A Child" report from the U.S. Department of Agriculture. The estimate is 1.8 percent higher than the previous year. That equates to roughly $12,800 - $14,970 per child per year for a two-parent family with a median annual income between $61,530 and $106,540. The annual cost can vary based on factors like the child's age, the number of children in the family and the family's income and location. Housing is the top expense, accounting for $73,600 or about 30 percent of the total cost of raising a child. The next-biggest expenses are child care and education (18 percent) and food (16 percent). Transportation, health care, clothing and miscellaneous expenses were also considered. The cost of college, pregnancy or other expenses after age 18 were not factored in.
Slacker says that he wishes that this study came out seven years ago! He says that housing is for sure a factor because if he lived by himself he would live in the city in a concrete jungle; with kids, you need a house and everything. Slacker says that he bought a new computer one day and his kid was looking at it and he thought it was cute, then his kid started banging on it! He also has a story about how his daughter used sharpies and drew all over the walls thanks to the movie “Tangled.”
Steve says that all parents are suckers! He says that 18 years isn’t even the standard anymore its more like 22 years you have to keep the kids! Steve asks what do you get in return; Love? He says it doesn’t seem like a fair trade.
What the worst damage your kid has ever caused?
(Photo Courtesy: Flickr.com)