Costs To Raise A Child Rise


By KMVT News

Twin Falls, Idaho ( KMVT-TV / KSVT-TV ) A new from the U.S. Department of Agriculture estimates it will cost the average middle income family just over $245,000 to raise a child born in 2013 to the age of 18.

A spike in almost 2 percent from the year before, and that doesn't include college.

It’s a price tag that Twin Falls parent Aaron Pohlman knows isn't getting any lower, "I knew kids were expensive, but as time when on I didn't realize how bad it really was. Every penny starts adding up the older they get."

The estimate is based on things like housing, food transportation, health care, miscellaneous expenses, and the big ticket item, child care.

"The biggest thing on us would be daycare. It's really a big killer, almost $800 a month in day care alone," Pohlman adds.

Prices may be rising, but it's a little easier if you take a few steps to get ahead.

"The first thing that I think of is we as a society plan for vacations and we do a ton of research on buying our first cars, but we tend not to do a lot of research when having a kid. The first thing that I would like to pitch to anyone is plan," said financial planner Heidi Detmer.

Detmer says it’s important to track your spending and use the 60-percent method.

Meaning all your dedicated expenses like mortgage and other payments are at 60-percent of your income.

"Start trying to figure out ways that you can cut your spending. Its not always fun so sit down with your partner, your family members and try and figure out what might be easiest to do. Cut out the small things," says Detmer.

Planning ahead to ease the sting of a hefty price tag.

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