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.