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MASON CITY, IA – It’s not a surprise to hear that the cost of raising your children is now higher than ever, but a new estimated grand total may have some parents checking their bank accounts.
For parents like Nina Read of Mason City, it’s a matter of taking care of her children, whatever that might require, but with costs rising across the board, it’s programs like the Giving Your Best school supply drive that can give parents one less thing to worry about.
“It’s a really good experience. It really helps because times are tough and the lists for kids are getting longer,” said Read.
Whether your worried about school supplies or having to raise money for college. The cost of raising your child is getting expensive and according to a new study, that figure might just surprise you.
The United States Department of Agriculture study is estimating what it will cost to raise a child born in 2012 until the age of 18.
That number is $241,080, before college, and while it may shock some, to others, it makes perfect sense.
“The cost of children, it’s a non-stop cost. I know that after raising three of them. So you think when I get done with diapers it will get better, when I get done with this, it will get better, but it just keeps going and going and going. In fact, the expenses get larger as they get older,” said Casey Martin, Senior VP of Investments for Raymond James.
A number of factors go into the last total but the highest percentage of the cost comes from finding affordable housing, followed by childcare then food.
Expenses such as childcare can take a toll, especially on those parents who both work full-time and according to the study, the cost of raising a child has officially increased 23 percent since the 60’s after taking into account inflation.
As intimidating as the figures may be, martin reminds us that if we want to begin saving for our children’s future, it’s never too late.
“Don’t put off the college, don’t put off your retirement. Stick a bit away even if it’s a small amount just to get started, cause a small amount over a long period can really add up,” said Martin.