Newsflash...Mo Money Mo Children's Costs

If you're a parent or plan to be a parent, now might be a good time to start your new hobby of coupon clipping, or at least check out this blog for deals.  The U.S. Department of Agriculture said in a report yesterday that a middle-income family may spend $226,920 to raise a child born in 2010 to the age of 18.  And yes, you read that right, age 18, so this doesn't include college.  Well isn't that speeecial!

The study states that child care, education, transportation and health services were among the biggest increases from 2009.  Certainly annual income affects expenses, so households that make less spend less.  Additionally, where you live affects the child-rearing costs as well, so parents in the urban Northeast will spend more than parents in the urban Southeast (not surprising to the tri-state area parents, right?)  Also, expenses increase with the child's age.  Wait, does that mean AML jr's dresses won't cost $10 when she's 16?  I'll miss you Carter's...tear, tear. 


Click here to calculate costs based on your unique circumstances.  Now before you start sweating, remember that you don't need to change your entire lifestyle in order to raise a child.  On the other hand, it might be wise to buy one less pair of shoes a month and instead put that money into the child's savings account.  We created a savings account for AML jr just a few months after she was born and started putting money into her account asap (gifts for the most part).  The account gets a little interest, and we have vowed not to touch her money, only to add to it.  This is NOT our rainy day account, we have our own separate savings account.

So let the spending begin!  And more importantly, the loving, caring, protecting, educating, and all the amazing things we do/will do for our children.