Raising a Child is Becoming Even MORE Expensive!(WGGB) — The high cost of raising a child is getting even higher! The United States Department of Agriculture released its annual study Monday reporting a 1.8% increase in child-rearing from 2012-2013.
This leaves the cost of raising a child born in 2013 at an average of $245, 340.00. This includes food, housing, childcare, and education for children up to age 18. This doesn’t even touch on college tuition or pregnancy expenses before having your child.
The costs by location are lower in the urban South ($260,610) and rural regions of the country ($193,590). But for us in Western Mass, we are more focused on the Northeast costs – which comes in at the highest costs to raise a child ($282,480).
“In today’s economy, it’s important to be prepared with as much information as possible when planning for the future,” said the USDA Food, Nutrition and Consumer Services Under Secretary Kevin Concannon. “In addition to giving families with children an indication of expenses they might want to be prepared for, the report is a critical resource for state governments in determining child support guidelines and foster care payments.”
Families in Western Mass told ABC40 about their expenditures. Colleen Brenzel of Westfield is a mother of two elementary age girls with two jobs. She says that finances are always prioritized. ” It’s hard to save, you need to figure out the needs versus the wants. The things they need have to come before the wants,” Brenzel said.
Needs like food, shelter and clothes ranked in the top costs for families, but other essentials that aren’t necessarily coupled in with the basic needs are things like school supplies.
Don Alexander is the father of a 15-year-old Greenfield student. He said after there shopping spree for essential items like pens, papers, notebooks and folders… he spent an easy $100 on her supplies.
“It definitely impacts our disposable income,” Alexander told ABC40.
Expenses in this study were based on a single child family. The study also added that with multiple children, families can access some discounts and share clothing and rooms between siblings, saving a few bucks.