Paying for Childhood: Average Cost of Raising Children

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:

Costs of Raising Kids

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.

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About Jill Yoshikawa, Ed M, Partner of Creative Marbles Consultancy

Jill Yoshikawa, EdM, Harvard ’99, a seasoned, 25 year educator and consultant, is meticulous in helping clients navigate all aspects of the educational experience, no matter the level of complexity. She combines educational theory with experience to advise families, schools and educators. A UCSD and Harvard graduate, as well as a former high school teacher, Jill works tirelessly to help her clients succeed.
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