Friday Financial Tidbit-The cost of raising children

Before I became a parent last year, I would always hear about all these studies that showed how expensive raising a child was and I would simply not pay any attention to them. However, since becoming a parent, I pay a little more attention to the studies. Last month the USDA came out with their annual report and found that the average child born in 2011 will cost approximately $300,000 from birth until the age of 18.

Credit: The Fiscal Times

Personally, that number seems a little high to me. Since we are a little over one year into being parents, I’ll being doing a podcast this week on the financial impact of having a child on our family. What gets me is that I hear stories all the time from people who say they are not having children because of the high cost but please, don’t let these reports scare you into not having children. If you want to have children, have children. Don’t be scared away by some report.

But I want to know from you parents: What do you think about these surveys? Do you spend a $1,000 a month on average on your child? What are some things you did or are doing to cut down on the costs of raising a family? What financial advice would you give to a new parent wanting to start a family?

To receive notifications of new posts, please join our email list or visit our subscription page

To learn how JW’s Financial Coaching can give you a new perspective on your money please visit one of the following links:

About Services Offered Mission Statement Contact Information FAQ

Advertisements

About Jon White

Giving people hope and seeing them win with their finances is something I have a strong passion for. Because of this passion I started JW’s Financial Coaching in the summer of 2010. Financial coaching has allowed me to combine my passions of finances, teaching, and helping others by helping people get on the right track financially. I'm interested in hearing your story so please do not hesitate to interact with me through social media.
This entry was posted in Children, Friday Financial Tidbit and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s