Friday, October 29, 2010

Raising your $222,000 baby [College expenses not included]

These little ankle biters ain't cheap:

Children are priceless, but raising them is one of the most expensive things you'll ever do. Here's how much it costs, along with some strategies for lowering expenses.

Every newborn child is a bundle of joy. But you'd better have a bundle of cash on hand if you want to raise one.

Typical families, those making from $56,670 to $98,120 a year, will spend a whopping $222,360 to raise a second child born in 2009 through age 17, estimates the Center for Nutrition Policy and Promotion, a division of the U.S. Department of Agriculture.

Higher-income families will spend even more. Those earning more than $98,120 will spend $369,360 overall in the U.S. to raise a second child; that figure rises to $411,210 in urban areas of the Northeast.

Read the rest of the article here