WASHINGTON – It’s not your imagination. Raising kids really does drain your wallet.
New government figures say the cost of raising a kid went up 25 percent in the last decade. And Northeast and Mid Atlantic families pay the most.
If you’re a typical middle-income family you’ll spend $235,000 raising each of your kids to the age of 17. So what costs so much? MSN Money heard these answers from families with very young kids:
- Diapers – Kids go through about 2,700 before potty training.
- Daycare – Even in the suburbs, childcare costs are rising faster than your paycheck.
- Healthcare – Costs are high, especially if your child needs care that’s not covered by insurance.
Parents of school-aged kids said extracurricular activities, such as gymnastics, football and music lessons, chip away at their paychecks. Electronics — iPods, Kindles and laptops — are pricey too.
Experts say parents can save money by using coupons, buying in bulk and foregoing name brand products.
WTOP’s Joan Jones contributed to this report. Follow @WTOP on Twitter.