I told you yesterday that I’d been asked to comment on a media story about the USDA’s prediction that it costs $245,000 to raise a child.
The article I was interviewed for was posted today on TheStir.com for those who are interested in reading it. Here’s a snippet:
Before even becoming a mom, one of the most common warnings you’ll hear from other parents is how expensive it can be to raise children. As it turns out, they’re right.
Families who had a baby in 2013 can expect to spend on average $245,340 until the child is 18, according to the U.S. Department of Agriculture’s just-released annual report, Expenditures on Children by Families. That’s between $12,800 and $14,970 a year for a middle-income family with two parents, depending on the kids’ ages.
Angela Hawkins, 33, a mom of three in the suburbs of Houston, is living proof that the numbers don’t lie.
She shared her household budget with The Stir and estimated that she and her husband Shane will spend about $270,000 per child by the time they turn 18.
“The figures can be overwhelming,” Angela admits.
So where exactly does all that money go?
Read the full post here for the price breakdown details on how much this family is spending and some tips from other money-saving folks on how to cut costs (with one on cutting your food costs from yours truly!)
I found the figures she shared interesting and insightful. And, of course, my frugal brain came up with lots of suggestions and ideas for ways to possibly lower those costs.