Where Does The Money Go When Raising A Child?
Since I am on the cusp of being a parent, I decided to go looking to see how much it was going to cost me to raise my son until he went off to college. To tell you the truth, I almost threw up because it was going to be over $200,000 for the first 17 years without including college tuition and expenses. This made me feel a little down, but then I realized that many people go through this same realization every year. I am not alone, but I do have questions. Where does all the money go?
Luckily, I was able to locate a pretty cool infographic (I like pictures) that explains where the money goes and compares 2011 data to the data from 1960. What a difference! This infographic was created by the California Cry Bank in partnership with Beckon. It opened my eyes a little bit, yet still showed that we do better in some areas now then we did in 1960. To sum this up, it would cost on average $191,727 in 1960 (in 2011 Dollars) compared to $234,900. These numbers can be scary, so I know I better come up with some crafty ways to save along with getting a college savings account setup quickly. I hope you enjoy the infographic!