Wednesday, May 25, 2011

MoneySense magazine reports that
children are expensive

The latest issue of MoneySense magazine reports that it costs $1.45 an hour to raise a child; an astounding total of $243,660 to raise one to age 18.  And that doesn't include the costs of sending them to college or university. According to a release from the personal finance magazine, it teamed up with a consulting firm to compile the statistics and found that kids cost less as they get older (it's costlier to clothe a baby than a teenager, for instance) but that a steadily larger proportion goes on food ($895 for an infant, $2,400 for a teen). The issue gives a breakdown of the various expense categories including food, clothing, health care, personal care, recreation, transport, shelter, furnishings and childcare.

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3 Comments:

Anonymous Anonymous said...

Okay, this really has nothing to do with magazines, but ... I wonder how they figure a teen will only eat $2400 in a year? My family of 4 spends over $20,000 per year on groceries alone and my kids are only 7 and 10. If we divide it equally, that $5000 each, per year. There's no way we could cut our grocery bill in half and only eat $2400 each.

3:11 pm  
Anonymous Anonymous said...

Wow, guess I should have wore a condom.

12:01 pm  
Anonymous Anonymous said...

Really, you spend OVER $400 a week on groceries? That's just kooky. Are you trying to eat yourselves to death?

6:55 pm  

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