Wondering how your parents were able to raise multiple kids (and none of you felt deprived) on a single income back in the day? A new report by the U.S. Department of Agriculture estimates families with children born in 2012 will spend an average of $241,080 in the next 18 years to raise their offspring–NOT including the costs of college. The six-figure amount includes: food, clothing, shelter, transportation, education, healthcare, child care and toys.
The following picture shows the percentage costs per expense, to raise a child born in 2012:
Photo Credit: CNN Money
To customize the costs to your specific region and estimated income level, see CNN Money‘s interactive graphic.
For more information about planning for the expense of college, see the six-part CMC Prudent Fiscal Planning series.