Financial Planning for a Baby: What It Costs to Raise a Child

Posted at 8:38 PM, May 15, 2019
and last updated 2019-05-15 22:39:23-04

A new report from the U.S. Department of Agriculture states parents planning on raising a child should expect to spend an extra $14,000 dollars or more a year.

The cost of raising a child includes everything from the price of food, housing, transportation, health care, miscellaneous goods and services, and what the government calls “child-specific expenditures”. Those include clothing, childcare, and education.

The report also estimates a cost of $233,610 to raise a child from birth all the way through age 17. This doesn’t include the costs of a college education.

Fox 13's Max Roth sat down with Gary Gygi from Gygi Capital Management to get an idea of what it costs to raise a child in Utah and what future parents should be aware of beforehand.

Watch the video above for more information.