Managing the cost of kids - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Managing the cost of kids

Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA

Raising children is an expensive job. According to the U.S. Department of Agriculture a child born in 2013 will cost more than $200,000 to raise to their 18th birthday. 

When adjusted for inflation this figure climbs to more than $300,000.

The report found parents will spend a large portion of money on healthcare, transportation, education, technology and extracurricular activities.

James Shafer is a financial advisor in Amarillo and says while the cost of raising a child is high, it is not unmanageable. 

"There are tools that can be utilized to plan for your child's future," said Shafer. "If you feel like you're starting late that is okay, it is better to get started."

The results provided from the Department of Agriculture are national averages. Click here to use an online calculator that can give you a more accurate estimate.

Amy Wagner helps families budget themselves. She said you would be surprised how much money you can save if you eliminate unnecessary spending. 

"If you stick with a budget you'll start to see where your money is getting thrown away," said Wagner. "Ask yourself, do I really need to stop and get a drink every morning and how much am I spending?"

She also recommends reducing the number of times you eat out at restaurants, avoid purchasing name brand clothes, and waiting to buy your children the latest technology. 

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