Monday, August 18th, 2014
Between diapers and day care, costs can really add up when it comes to providing for your new baby. In fact, by the time your bundle of joy hits 18 you may end up spending more than $245,000.
New data from the U.S. Department of Agriculture shows that parents in a middle income group who had a baby in 2013 can expect to spend between $12,800 and $14,970 annually, which averages to be about $245,000 for 18 years. It’s a number that’s up nearly 2% from last year’s figure, CNN Money reports.
The research accounted for a range of expenses from housing to health care, but did not include the potential cost of college in its estimates. Yikes! But because these numbers are just averages, the results did show that families living in the urban South and rural areas had the lowest expenses, while families living in the urban Northeast had the highest.
“Having a child is an exciting but scary step, and money can be a big part of that worry,” financial planner Matt Becker, founder of the blog Mom and Dad Money, told Time.com. “I wouldn’t dive in without considering the financial consequences, but I also wouldn’t let them scare you off.”
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