The astronomical price of day care — which costs more than the median annual rent payments in all 50 states — is a major reason why raising a child to 18-years-old now costs $226,290, CNN Money reports.
Compiled by the U.S. Department of Agriculture, these numbers reveal a 40% increase from 10 years ago, or about $60,000. Rising food and transportation prices also play a major role; those numbers now sit at $36,210 and $30,900, respectively.
And because the DOA considered the cost only to 18, that $226,290 doesn’t include college, which often merits the lion’s share of financial planning and discussion when it comes to raising children.
The cost of child care, though, jumps out from the other numbers. CNN Money spoke to a woman who spends about 30% of her $39,000 annual income on day care for two children. That’s $5,850 per child per year, or $487 a month.
To confront these costs, there is the obvious recourse — try to save — but planning might take a back seat to the immediacy of some needs. CNN Money spoke to one financial adviser who said that, if you have to choose between college and day care for your child, choose day care.
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