How much does it cost to raise a child?
No one has the definitive answer, as it varies, but the estimates are staggering.
According to the U.S. Dept of Agriculture (we don’t have Gov’t numbers here in Canada) should you raise the average child to the age of 18 (and born in 2015) it will cost you an incredible $233,610!
The only source we have for a Canadian comparison makes it even more expensive for us. And I guess that’s no surprise really. In a 2011 article that appeared in MoneySense an estimate was made of $12,824 a year, which adds up to $243,656 over 18 years.
Recently those numbers were updated by the Canadian magazine in 2015 to reflect inflation.
The yearly average rose to $13,366.
Yikes, and I have 3 of em!!!!!