Five suggestions for taming and preparing for the bundle of bills that come with the new bundle of joy.
The numbers are startling: on average it costs more to raise a child than buy a home, and that doesn’t include a college education.
Latest figures released by the United States Department of Agriculture (.pdf) have the average family paying $222,360.00 for one child. Totals for 2010 are expected in another week and they are projected to go even higher.
"That’s a big number that a lot of people aren’t anticipating," said Sarah Tims, a financial planner with RMB Capital Management.
Tims recently had her third child and said the large house, the car, the higher health insurance premiums and child care aren't things that most parents think about when they're looking at linens for the crib.
She has five suggestions for taming and preparing for the bundle of bills that come with the new bundle of joy:
Costs are highest in the northeast and west, followed by the Midwest. Raising a child in rural areas and the south tend to have the lowest costs for raising children.
The USDA has a Cost of Raising a Child Calculator on it's website at USDA.gov.