Cost of raising a child

The previous post was about the cost of keeping a pet over a long period of time. Reading into the issues, I also saw comments on the cost of raising a child. As I have two children near the end of their financial dependence on me (I hope!), I thought I would peer back in time and calculate what they actually cost.

After the calculation, I realized I had omitted things such as cell phones, summer camps, and many other activities. Anyhow, here are the results.

Our first child is almost through with college and our youngest is close to completing high school. Going back 20 years or so was quite an eyeopener, and I had to use some of today’s costs for things like diapers and clothes.

The final cost for our eldest is $488,020 and for our younger child, $500,180 Both these include the cost of in-state college education.

That is an eyeopening figure. Based on costs from articles on the web, the cost is $245,340, but does not include college costs, therefore, I think my numbers are quite accurate.

http://money.cnn.com/interactive/pf/cost-of-children/ and

http://www.huffingtonpost.com/2014/08/18/cost-of-raising-a-child_n_5688179.html

If I had invested the amount each year that our kids cost for that year and wait unti 65, the number comes to $7,876,000.

I do really love them both!

Please email me if you would like to see a breakdown of the numbers.

 

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