Who knew that raising your tiny little baby would cost so much??!!
According to the Department of Agriculture, the cost of raising a child has increased by 25% in the last 10 years due to rising cost of groceries and medical costs.
The government's most recent annual report reveals a middle-income family with a child born in 2010 can expect to spend roughly $227,000 for food, shelter and other expenses necessary to raise that child - $287,000 when you factor in projected inflation.
And, get this....... the bill does not include the cost of college!!!!
"If you sat down to tally up the total cost of having children, you'd never have them," says Timothy Knotts, a father of four and a certified financial planner with The Hogan-Knotts Financial Group in Red Bank N.J. "It's a very expensive adventure."
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