Child Rearing Expenses

Child Rearing Expenses

I dropped my 2nd son off at college yesterday. Sniff, sniff!

Just the other day I read some facts about the cost of child-rearing (from the magazine called Stages) and wanted to share my thoughts on their findings.

Housing is the biggest expense incurred in child rearing (33% to 37% of your total bill).

I am now paying for his college housing and his empty space at home.

The USDA estimates total child-rearing expenses (to age 18) at $184,320 for families making $41,700 to $70,200  a year, and $134,370 for families making less than $41,700 a year.

We are passed the 18-year-old stage and are still paying.

Food accounts for 15% to 20% of total child-rearing expenses.

I don’t think they know my son. His appetite is endless. Thank god for all-you-can-eat meal plans at institutions of higher learning.

According to the College Board, the bill for college (tuition plus room and board) for the 2004-2005 tuition year averaged $10,659 at a four-year public college and $23, 876 at a four-year private college.

That was a few years ago and I can tell you, it’s increased.

Child rearing is expensive.

However, the experience of raising and loving your children is priceless.

It’s so quiet in my house!

2023 UPDATE:

According to Investopedia, here are a few of the current statistics below.

Housing: 32% of Income

Food: 27% of Income

Childcare: 12% to 29% of Income

What Else Do Families Spend Money on?

• Education
• Transportation
• Healthcare and insurance
• Clothing
• Extracurricular activities
• Sports and hobbies
• School fees for field trips, activities, fundraisers, etc.
• Family trips or vacations

Again, Child Rearing is expensive, but also the most rewarding!