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Consumer credit counseling may help Americans get ready for child-rearing expenses
By Peggy Stillwell on Jun 2nd, 2010
One of the major expenses a person may face is costs associated with having a baby and raising it to adulthood.
According to a recent study by the Center for Nutrition Policy and Promotion at the U.S. Department of Agriculture, the average cost range for raising a child last year was between $11,650 and $13,530 for a middle-income family with two parents. Households with higher incomes spent even more, the report said.
"Child-rearing expenses vary considerably by household income level," the CNPP said.
Those with before-tax incomes of more than $98,120 saw the cost for raising a child range between $19,380 and $23,180. Meanwhile, households with incomes of less than $56,670 spent between $8,330 and $9,450 on average.
These expenses only got greater as the children got older, the report said. As a result, people expecting to have a child may consider setting up a financial plan that will take into account expenses like housing and food.
Those who are having a hard time getting their arms around their finances may consider a consumer credit counseling service, which can help by setting up a monthly budget.
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