My husband and I are hoping to put our house on the market in the next month or two with the hopes of moving to a bigger house. And we’re thinking long and hard about what and where we want to move to because we’re going to be spending a lot of money. While it may be a huge purchase, you may be surprised that it’s not our biggest investment.
Want to know what our biggest investment is? It’s our kids. A 2011 USDA report state that it costs $295,000 to raise a child from birth to age 17. And that’s not including college! Our numbers are a little skewed since we spent over $50,000 to adopt our first 2 kids and we’re in the process of spending more on our current adoption. Also, we didn’t get any of our kids til the age of 6.
Many of you that are reading this are frugal like I am, so I’m guessing our numbers may be smaller than average, but even if we’re only spending half of that, it’s still $150,000 per child. If you have 4 kids like I do, you’re looking at $600,000. If you spend the full amount on 4 kids, that’s over 1 millions dollars! YIKES!!!
Check out this infographic that my friends over at MyJobChart put together!
If you’re spending that kind of money on your kids, don’t you want to know that you’re also giving them the tools to make wise money decisions? Make sure you’re teaching your kids about money…how to earn it, how to spend it wisely, and how to save it!
Disclosure: I was compensated for writing this post, but all thoughts and opinions are my own. The infographic and USDA info were provided to me by MyJobChart. My family has been using MyJobChart for over 2 years and we love it. It’s even better than it was before because now there are apps for it too! Make sure to check it out!