(InvestigateTV/WDRB) — The cost of raising a child to age 18 has climbed to more than $303,000 nationwide, according to a LendingTree study — a figure that comes out to nearly $17,000 a year after tax exemptions and credits.
Matt Schulz, a LendingTree analyst, said the size of the number makes it worth confronting directly.
"We all wish that we didn’t really have to think about finances and costs when we’re thinking about having kids or starting or growing a family," Schulz said. "But with numbers this big, you’re really doing yourself a disservice if you don’t at least take the time to consider those costs."
Schulz said the cost of raising a child varies widely depending on location. Because of that variation, he recommends starting a dedicated family fund even years before having children.
"Giving it some thought and considering it in your own financial planning today is a really good idea, because a little bit of money put away in a high-yield savings account towards that family fund — or whatever you want to call it — can really serve you well over time," Schulz said.
Schulz said it is easy to feel powerless when faced with a number this large, but early planning and saving can make a meaningful difference. Placing money in a high-yield savings account allows compound interest to grow those savings over time.
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