Child Rearing Costs

Via WomensWallStreet 

A 2002 study by the University of Minnesota Extension Service analyzed
the Department of Agriculture's most recent figures in seven basic categories to determine total child-rearing costs over 18 years. The following figures are for a middle income, two-parent family, and costs are per child:

Housing: US$ 36,792 Who would think something so small could require so much space? Housing costs include rent or mortgage interest (but not principal) plus property taxes, maintenance, repairs, insurance, utilities, and household furnishings. This figure is just for the child's portion of your family's housing cost.

 Food: US$19,104 This is an expense that grows with your child (ever seen a teenager vacuum up a large pizza and supersize Coke?). If you have a child with special health concerns or a baby requiring formula, your food costs may be higher.

Transportation: US$16,296.Suddenly, the cute little wind-in-your-hair sports car isn't as much fun when you try to strap a U-Haul trailer's worth of infant gear to the rear deck. Transportation includes costs to buy a new or used vehicle, including any finance charges, gas, maintenance and repairs, insurance, and public transportation. These costs will vary depending on your school commute distance and how many soccer practices and band lessons are on the schedule. Again, this is only the child's portion of transportation costs and not the total family cost.

Clothing: US$7,128 This includes diapers and all manner of basic clothing, dry cleaning, alterations, and repairs. It does not include coats and outer garments, so if you live in a cold climate you'll need more money to cover parkas, boots, gloves, and extra layers. A school uniform policy can greatly cut down on your child's desire to keep up with the latest fashion trends and can save you money.

Health Care: US$7,800.This category includes medical and dental services, prescription drugs and medical supplies not covered by insurance or HMO, plus health insurance premiums not paid by an employer or other organization. If you're fortunate to have a super healthy child, you may be able to get by with only minimal health care costs  say a few hundred dollars a year for routine checkups and vaccinations. On the other hand, if your child has special health needs or requires medical equipment, those costs are extra. And they can really add up.

Child Care and Education: US$11,016 This covers babysitting, day care, elementary, middle and high school tuition plus books and supplies. If you opt for private school, all bets are off. You could pay upwards of US$11,000 or more each year! Instead of a college savings fund you might have to start a 6th grade savings fund.

Miscellaneous: US$12,360 This is the fun stuff, including personal care items, entertainment, books, CDs, sports equipment, and toys. Many of these items are discretionary so this is an area where you have a lot of control over costs.
 
All that v's Just a few $$$