Dollars and Sense

How much can it cost to raise a family?

You’ll want to bookmark this article of common costs and possible ways to save.

By Sylvie Tremblay

Planning to start a family or have more kids? Although birth rates slowed at the start of the pandemic, new research predicts a post-COVID baby boom in the U.S.1 If you're thinking about financial planning for your family, it might be helpful to have an estimate of how much you can expect to spend.


We'll start with the sticker shock: $233,610—that's the average cost to raise a child born in 2015 through age 18.2 That amount increases, when you adjust for inflation year over year, add in multiple children, and include the cost of college tuition. In the chart below, we list average costs for a few of the most common family expenses, plus tips on how you can save money. Because every dollar counts.

Upwise is here to help
Smart financial planning starts with creating smart financial habits. Participating in Upwise challenges can help you make the most out of every dollar and feel more confident in what your money can do for your family. Join a challenge today.

 

Go to the Upwise app

Download the app to see how Upwise can help you make financial progress you can see and feel.
Resources

1 University of Michigan Health Lab. Researchers predict COVID baby boom. https://labblog.uofmhealth.org/rounds/researchers-predict-covid-baby-boom

2 USDA Expenditures on Children By Families. https://fns-prod.azureedge.net/sites/default/files/crc2015_March2017.pdf

3 Bankrate. Summer Childcare Survey 2021. https://www.bankrate.com/finance/credit-cards/summer-childcare-survey/

4 Aspen National Youth Sport Parent Survey. https://www.aspenprojectplay.org/youth-sports-facts/challenges

5 Health Affairs. Out-Of-Pocket Spending For Maternity Care Among Women With Employer-Based Insurance, 2008–15. (Published January 2020). https://www.healthaffairs.org/doi/abs/10.1377/hlthaff.2019.00296

6 Education Data: Average Cost of Private School. https://educationdata.org/average-cost-of-private-school

7 Education Data: Average Cost of College & Tuition. https://educationdata.org/average-cost-of-college  

8 Forbes. “What Is a 529 Plan?” https://www.forbes.com/sites/brianboswell/2021/02/01/what-is-a-529-plan/?sh=3c1466607696

Close

You’re one click away from building better money habits. Download the app

Close