The Cost of Raising a Child With Chad Clark

Show Notes

Our guest Chad Clark is normally behind the scenes, making things happen as the Executive Director of MoneyWise. But he’s also a keen observer of financial trends, so he joins us to talk about the rising cost of raising a child. Clark shares some interesting statistics about what it costs to be a parent these days.

• According to the Brookings Institute, a married couple with two children will spend upwards of $310,605 to raise both children thru age 17.
• Raising kids these days includes a range of expenses: housing, food, clothing, healthcare, child care, diapers, haircuts, and things like sports equipment or dance lessons.
• And raising kids isn’t getting any less expensive. In the short term, inflation is going to continue to play a substantial role.
• Prices for food at home were up 13.1% in July compared with the year before, adding pressure to household budgets.
• Even though inflation eased a bit in July, down to 8.5%, food prices continued to climb in July, up 10.9% on an annual basis.
• Clark shares four financial keys to raising kids:
• 1. Have a spending plan
• 2. Track your expenditures
• 3. Communicate with your spouse
• 4. Communicate with your children
  

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