STATEPOINT — The cost of raising a child is on the rise, according to the 2013 U.S. Cost of Raising a Child report, conducted by BabyCenter.com, a pregnancy and parenting web site that has a mobile app.
The report finds that parents spend an average of $13,000 annually on their children. And while about two-thirds of mothers feel that parents are spending too much, the vast majority of them are very optimistic about their future. The number of moms worried about having enough money to raise their children has declined approximately 10 percent in the last year.
“Children are expensive, but couples aren’t letting that hold them back from starting a family,” says Carmen Wong Ulrich, a BabyCenter.com financial expert. “They’re exploring different ways of saving, such as moving back in with their parents or accepting money from in-laws. These can be good short-term solutions for couples getting started.”
To gain insight into their finances and take steps toward financial independence, parents can use a free budgeting tool, such as BabyCenter.com’s cost calculator.
More information about the Cost of Raising a Child report is available at www.BabyCenter.com/child-cost