-advertisement -

Transcript: The cost of raising a child

Anchor Intro: If you're a parent, you probably already know that raising a family isn't cheap: The USDA estimates that the cost from birth to 17 could approach $300,000. So if you're starting down this expensive path, you'll appreciate some advice from Bankrate.com.

Voice over 1: According to the U.S. Census Bureau, July is the most popular month to have a baby. Which means right now there are a lot of couples making big plans.

Voice over 2: And big is the right word, because raising babies costs big bucks. According to the Department of Agriculture, depending on how much money you make, you'll spend an average of $140,000 to $280,000 on each child from birth to age 17. Which isn't too surprising to parents.

SOT: "It is a little more than we expected, my husband and I, and that's actually why two is probably it."

Voice over 3: Two or 20, planning is key. Example? Life insurance and your wills become crucial when the stork arrives. Check them early on. And start saving!

SOT: "As much as you can save. Whatever. Even if it's $15, $20 a week".

Voice over 4: Additional family members will also have a lasting impact on your health insurance.

SOT: "We were paying $350 a month for the one child and then adding a child they give you a little bit of a discount so we pay $450."

Voice over 5: New additions also mean new clothes and new furniture. Might want to get acquainted with resale shops in your area.

SOT: "I actually not only do consignment but also Goodwill, thrift stores...and people can't believe, like, I'll tell them, this is from a consignment store…and people are just in awe."

Voice over 6: And a final bit of advice for expecting moms:

SOT: "I probably would have enjoyed them more and not cleaned the house as much. To be honest..."

Standup: So there you go. Save early and often, check insurance and wills, shop used…and I guess you shouldn't over-clean the house. For Bankrate.com, I'm Kristin Arnold.

Bankrate.com's corrections policy
-- Posted: August 1, 2008
<< Back to video
4 frugal ways to entertain your kids
Taxes: children as tax deductions
What is the cost of raising a child?
Video: 5 myths about going green
5 myths about going green
Video: Ways to keep produce fresh

Compare Rates
30 yr fixed mtg 4.45%
48 month new car loan 3.77%
1 yr CD 0.89%
Rates may include points
  How much life insurance do I need?  
  Calculate your payment on any loan  
  What will it take to save for a goal?  
Begin with personal finance fundamentals:
Auto Loans
Credit Cards
Debt Consolidation
Home Equity
Student Loans
- advertisement -