The cost of raising a child is on the rise, according to the “2013 U.S. Cost of Raising a Child” report, conducted by BabyCenter.com, the number one pregnancy and parenting mobile and web destination worldwide.
The report finds that parents spend an average of $13,000 annually on their kids. And while about two-thirds of moms feel that parents are spending too much, the vast majority of them are very optimistic about their future — the number of moms worried about having enough money to raise their children has declined approximately 10 percent in the last year.
“Children are expensive, but couples aren’t letting that hold them back from starting a family,” says Carmen Wong Ulrich, a BabyCenter.com financial expert. “They’re exploring different ways of saving, such as moving back in with their parents or accepting money from in-laws. These can be good short-term solutions for couples getting started.”
To gain insight into their finances and take steps toward financial independence, parents can use a free budgeting tool, such as BabyCenter.com’s Cost Calculator.
More information about the “Cost of Raising a Child” report is available at www.BabyCenter.com/child-cost.