by Ed Jackson
Difficult economic times have arrived for millions of families across the country, and many are facing challenging financial decisions.
Estimated expenses vary by a family’s size and income level. According to the U.S. Department of Agriculture, depending on the age of a child, the annul expenses range from $7,830 to $8,830 for families in the lowest income group (2007 before-tax income less than $45,800), from $10,930 to $12,030 for families in the middle-income group (2007 before-tax income between $45,800 and $77,100), and from $15,980 to $17,500 for families in the highest income group (2007 before-tax income more than $77,100).
The Consumer Expenditure Survey for 2007 performed by the U.S. Department of Agriculture estimated that housing is the largest child-rearing expense, comprising of 33 to 37 percent of all expenses. Food is the second largest expense, accounting for 14 to 19 percent.
The estimated average monthly cost of food for a family of 4 (two adults and two children between the ages 3 – 5 years) in 2007 was $474.50. For two parents and children between the ages of 6-11 years, the average monthly cost of food was $543.80.
Child-related expenses are generally lower for younger children and higher for older children. Overall, child-rearing expenses are highest for families in the urban West, followed by the urban Northeast and urban South; families in the urban Midwest and rural areas have the lowest child-rearing expenses.
Facing financial challenges of rearing children is one of the many tasks of parenthood. Creating a budget is vital for controlling expenses and planning for the future. You can learn a few basic budgeting steps here: Financial Plan
You can use the worksheets below to help you budget:
Basic Budgeting Worksheet
Monthly Spending Worksheet
Annual Budgeting Worksheet
You can also estimate the cost of raising your child/children with the helpful calculator below: Cost of Raising a Child Calculator
Estimated expenses vary by a family’s size and income level. According to the U.S. Department of Agriculture, depending on the age of a child, the annul expenses range from $7,830 to $8,830 for families in the lowest income group (2007 before-tax income less than $45,800), from $10,930 to $12,030 for families in the middle-income group (2007 before-tax income between $45,800 and $77,100), and from $15,980 to $17,500 for families in the highest income group (2007 before-tax income more than $77,100).
The Consumer Expenditure Survey for 2007 performed by the U.S. Department of Agriculture estimated that housing is the largest child-rearing expense, comprising of 33 to 37 percent of all expenses. Food is the second largest expense, accounting for 14 to 19 percent.
The estimated average monthly cost of food for a family of 4 (two adults and two children between the ages 3 – 5 years) in 2007 was $474.50. For two parents and children between the ages of 6-11 years, the average monthly cost of food was $543.80.
Child-related expenses are generally lower for younger children and higher for older children. Overall, child-rearing expenses are highest for families in the urban West, followed by the urban Northeast and urban South; families in the urban Midwest and rural areas have the lowest child-rearing expenses.
Facing financial challenges of rearing children is one of the many tasks of parenthood. Creating a budget is vital for controlling expenses and planning for the future. You can learn a few basic budgeting steps here: Financial Plan
You can use the worksheets below to help you budget:
Basic Budgeting Worksheet
Monthly Spending Worksheet
Annual Budgeting Worksheet
You can also estimate the cost of raising your child/children with the helpful calculator below: Cost of Raising a Child Calculator
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