No Surprise: Cost Of Raising Kids Is Way Up

No big surprise here, but the cost of raising your children has gone WAY up.

According to CNBC, the cost of raising a child to age 17 has gone up 25% since 2002, mainly because of the high cost of groceries and medical care.  The report from the USDA shows that a middle-income family with a child born in 2010 will spend just about $227,000 on expenses to raise that child.  That number goes to $287,000 when you factor in projected inflation.

Oh yeah, that bill doesn't include college or anything before the baby is delivered.

If you're planning on kids, their advice is simple:

• Plan early.  Think it through.
• Do a test run on your finances and try living on less.
• Plan for child care; family or day care.
• Think about college.  Will you save money to help?  Will you invest in a 529 plan?

Read the full column from CNBC here.