If you are thinking of having children or are considering increasing the number of kids you already have, you definitely want to read these statistics about how much those little cuties cost in the long run! The numbers are staggering!
According to a recent article from CNBC HERE, the cost of raising a child through the age of 17 has gone up 25% in the last 10 years! My youngest child was born 10 years ago and that number is shocking to me! Apparently, the two main factors influencing the increase are medical and grocery costs. No surprise there.
What is most disturbing is the actual number the article indicates parents can expect to pay per child, not including college and the cost of labor and delivery: $227,000! If you adjust for inflation, that number shoots to $287,000!
The author goes on to suggest a number of strategies to help you better prepare financially for your little bundle of joy. Some of the obvious suggestions include a thorough review of your finances before the baby is born and an adjustment in your standard of living to better live within your means. As they get older, not showering them with every new digital device or name brand pair of jeans in their teen years will help keep that HUGE number in check as well. The advice is sound and worth reading if you are wondering what steps to take before your little comes into the world.
What steps have you all taken to keep the costs of raising kids down? Most of you are couponers, but what other strategies have you used? Did you use cloth diapers, make your own baby food, cut out cable, vacations, restaurants, etc. so you could be a stay-at-home parent? What about with older kids? Do they pay for their own name brand clothing and digital devices? Do you shop at resale stores?
Please share the money-saving strategies that have worked for you when it comes to raising kids!