Raising a child costs $233,610. Are you financially prepared to be a parent?

Four years after getting married — and after a lot of financial planning — Jennie Kennedy and her husband welcomed their baby son into their Spokane, Wash., home.

Kennedy, 34, recalled their discussions before their son was born: “ ‘Are we ready? Are we in a good spot?’ We probably over-thought it because we put off getting pregnant.”

Not quite. Kennedy and her husband took all the right steps before having a child, including putting money aside and analyzing their finances, experts say. Adding a child represents a major financial stress: The cost of raising a child today is $233,610 – excluding the cost of college – for a middle-income family, according to the U.S. Department of Agriculture.

The stakes may be higher for new parents than in previous generations, thanks to a combination of changing demographics and economic pressures.


Source : usatoday