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Abstract
Ask any parent and he or she will tell you — it costs money to raise children. Taking into account inflation, a middle-income family may spend more than $295,000 to raise a child born in 2011 to the age of 17. This is not a small amount of money, so you will need to know the types of expenses required to raise your family. This 5-page fact sheet reviews the costs associated with raising children and gives you tips on how to teach your children about finances. By knowing the costs of raising your family and setting up a budget, you can teach your children money management skills that will help them throughout their lives. Written by Lynda Spence, Martie Gillen, and Diann Douglas, and published by the UF Department of Family Youth and Community Sciences, March 2013.
References
Danes, S., and T. Dunrud. 2008. Children and Money Series: Teaching Children Money Habits for Life. Minneapolis: University of Minnesota Extension. http://www.extension.umn.edu/distribution/youthdevelopment/DA6116.html.
Hohler, D. 2012. "Teaching Your Children about Saving." America Saves. Accessed February 2013. http://www.americasaves.org/september-2012/461-teaching-your-children-about-saving.
Lino, M. 2012. Expenditures on Children by Families, 2011. U.S. Department of Agriculture, Center for Nutrition Policy and Promotion. Miscellaneous Publication No. 1528-2011. http://www.cnpp.usda.gov/Publications/CRC/crc2011.pdf.
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