Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Costs of Kids


Raising children doesn't mean lowering your budget, well not too much.

Have you got $221,190 tucked away?

The US Department of Agriculture says that's the cost of raising a child from birth to age 17 -- and that doesn't include childbearing expenses or college.

If you don't have that kind of cash stashed, relax because with inflation the total comes to $291,570.

You don't need the money all at once, but the number is daunting -- even before adjusting for inflation. Use the USDA's calculator to estimate how much money you'll need for your kids each year based on the region you call home. It's helpful when drafting a household budget.

It's too late to pawn the kids, but there are basic steps you can take to reduce expenses while teaching your little ones about money at key stages of their development.

Give your child an allowance, and make it clear that a portion of the money must be spent on school; some cash must be set aside in a savings account, and then comes fun stuff.

This gives your child a financial stake in a new bicycle, doll, video game, or tutu. Your child will take better care of the new purchase and that will save money over the long haul while giving your child a sense of accomplishment.

With guidance, your child will learn how to balance needs and wants -- a basic lesson many adults never learn.

What about you? Aside from the usual scrimping and saving, here are five things that may make handling the large issues a little easier, and five tips on how to handle the lesser expenses of raising children.

No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos