WASHINGTON – Parenthood might make your life richer, but it won’t do much for your bank account, according to recent data from the Department of Agriculture.
A bundle of joy born in 2010 will cost a middle-income family about $287,000, including inflation, to feed and clothe, including other expenses — but not including the cost of college.
The price tag is up 25 percent from recent years, mostly due to the rising cost of groceries and medical care.
A financial adviser tells CNBC that prudent parents-to-be should practice living on less before the big day arrives.
WTOP’s Bob Kur contributed to this report. Follow WTOP on Twitter.
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