According to the U.S. Department of Agriculture, it will cost $241,080 to raise and provide for a child until he or she is 18 years old. However, this does not include college tuition – which could almost double the amount.
The most expensive items in’raising a child include housing, as well as child care and food expenses. In fact, child care and education expenses account for nearly twenty percent of child raising costs.’The USDA also notes that more and more families have both parents working – something that used to be a luxury but is now a necessity.
And yet despite both parents working, the average household income has actually fallen by $4000 since 2000. This decrease can be blamed on inflation and the recent recession. Many of the jobs lost during the recession have been replaced by lower-paying positions. However the cost of childcare has increased twice as fast as the average household income.
The area of the country you live in also plays a big part in the costs. For example, the average yearly cost of full-time child care for an infant in Massachusetts is $15,000, but in Mississippi it is $4,600.
Food and transportation costs have risen dramatically since 2000. Gas prices have doubled. Families are reporting that their grocery bills have increased and they ‘are now spending an extra ‘hundred dollars every month for the very same products they have always purchased. Gas prices impact food prices as well, as the cost of transporting these goods continues to rise.
Struggling with the costs of raising children can be hard enough when both parents are working and providing for the kids. However, far too often, marriages split up and the financial burden can fall on the custodial parent.
If your ex-spouse is not providing a fair share of financial support for your children, contact an experienced’Kane County family law attorney to find out what your options are to ensure that you and your children receive the financial support for which you are entitled.