Everyone knows it is costly to raise kids today. Their electronic gadgets alone are off the charts. We all know that the costs add up, but have you ever totaled them all? According to an article in KidsPost, by Tracy Grant, using numbers from a 2010 report, the total cost from birth to age 17 is $226,920. Even adjusted for inflation, that is a $41,064 increase since 1960! Ms. Grant points out, too, that big kids (15-17 year olds) cost approximately $2,000 more per year than their younger counterparts.
Where does all the money go?
What has changed?
Child care costs. 67% of mothers now work, compared to 33% in 1960. Healthcare, too, has gone through the roof.
Save a few bucks. How about a thousand bucks?
All of those extra items that you toss in the shopping cart, thinking it is no big deal, turn out to be a big deal. According to Ms. Grant, those books, toys, movies, etc., add up to about $1,100 per year!
It is worth noting that most of the largest expenses for kids are shared with their parents, such as housing and food. Therefore, if you are looking to save money, or simply spend less, you will need to consider both your mega-expenses as well as all of the little ones that add up.
Posted by Kristina Duncan Hoege, Freelance Paralegal
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