Survey: Cost of raising kids is more expensive than most parents expected
PHOENIX (AZFamily) — It’s no secret that raising children is expensive, but a recent survey reveals that most parents are surprised at how much they spend. For everything from childcare to sports, music lessons and loads of food, parents say, on average, families spend $11,505 per year per child.
“The truth is, every age of kid brings with it its own costs. Those first years where you have child care and those daycare costs, those can be really, really daunting. Those are really tough,” said LendingTree’s Matt Schulz. “But then, once your kid gets out of daycare and they’re in school, then you have so many other things that are going on whether they’re extracurriculars or getting more interested in how they look and clothing and that sort of spending.”
According to a recent LendingTree survey, 75% of parents say raising children has been far more expensive than expected, and those expenses have forced most families to make financial sacrifices. More than 55% of parents admit they’ve gone into debt to pay for child-related expenses, 81% say they’ve reduced their personal spending, and 37% say they’ve delayed investments or retirement. “The degree that you need to make those sacrifices will vary depending on your situation, but the truth is that a lot of people need to make them,” Schulz said. “It’s important that you take control of your own finances by choosing what those sacrifices would be.”
To cut costs, start with a budget. If you’ve never followed a budget, Schulz suggests taking several weeks to track all of the money that’s coming in and going out. After you’ve collected that information, write out a plan, making sure to place your priorities for spending at the top of the budget.
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