The Cost of Raising Children

You feed them, clothe them, read them bedtime stories each night, and spend pretty much every waking hour thinking and worrying about your little angels… But just how much are your children actually costing you?

A new American report on the cost of raising children estimates that the average middle income, two-parent family spends in excess of $US300,000 ($AUD299,300) per child during the years from birth to 17 – an all-time high since the calculation was first made in 1960, and enough to buy a brand new Ferrari! And as any parent of children in their late teens knows, the expenses don’t just automatically stop when your child turns 18.

The latest figures show a 3.5% increase on 2010’s figures, and a whopping 22% increase on the first recorded figures from 1960. The cost of housing a child is still the largest expense, and takes up 30% of the overall spend, while the cost of childcare has risen dramatically over recent years to become the second largest expense, using 18% of the total budget. This is due mainly to more two-income families, with many mothers working outside the home in full or part-time employment.

- See more about raising children at: http://www.mumzone.com.au/the-cost-of-raising-children/