Are you planning to have a child in the near future? Do you want to
know how much it will cost you to raise your two children in 2009?
The U.S. Department of Agriculture is making it easier than ever for parents to understand the costs involved of raising a family with its new Cost of Raising a Child Calculator.
This interactive online calculator from USDA's Center for Nutrition Policy and Promotion, which has been publishing information about child-rearing expenses since 1960, helps families budget as well as prepare for life events such as divorce or purchasing life insurance.
The good gov tool allows parents to calculate their annual costs, depending on their income and marital status, the number and age of their children, and where they live. Plugging in the numbers turns up a result based on what comparative families spend, and includes a breakdown by major budgetary components.
For example, a couple living in Denver that make a combined salary of $65,000 that have a newborn will spend about $12,512 on housing, food, transportation, clothing, health care, child care and education, and any miscellaneous expenses like entertainment or personal care items.
If your expenses are either above or below the average family’s, the calculator allows you to type in your actual expenses for a more accurate number. The calculator only applies to children under 18 years old, so it leaves out the real wallet whopper: college.
It's enough to make you think twice
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