With USDA’s Cost of Raising a Child Calculator, you can estimate how much it will annually cost to raise a child. This may help you plan better for overall expenses including food, or to purchase adequate life insurance. http://www.cnpp.usda.gov/calculatorintro.htm
WASHINGTON, June 14, 2012 -- Today, USDA released the annual report, Expenditures on Children by Families, finding that a middle-income family with a child born in 2011 can expect to spend about $234,900 ($295,560 if projected inflation costs are factored in*) for food, shelter, and other necessities to raise that child over the next 17 years. This represents a 3.5 percent increase from 2010. Expenses for transportation, child care, education, and food saw the largest percentage increases related to child rearing from 2010. There were smaller increases in housing, clothing, health care, and miscellaneous expenses on a child during the same period. The report, issued annually since 1960, is a valuable resource to courts and state governments in determining child support guidelines and foster care payments. The report is based on data from the Federal government's Consumer Expenditure Survey, the most comprehensive source of information available on household expenditures. For the year 2011, annual child-rearing expenses per child for a middle-income, two-parent family ranged from $12,290 to $14,320, depending on the age of the child.
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