Chances are, you already know it’s expensive to raise a family in this day and age. But exactly how much over the 20 years until your kids reach the age of maturity?

Cost of KidsA recent analysis by the EverQuote organization estimated various costs for two parents plus a son and daughter for normal costs like housing, food, transportation, insurance, child care, vacations, toys and other common household expense items that come out of your budget.

The Facts

Housing, including the purchase or rental of a house, repairs, property taxes, utilities, furnishings and appliances, was the number one expense, at an estimated $449,300 over 20 years. Food was estimated to cost $369,606, and the study noted that boys cost more to feed than girls. Personal federal, state and other taxes was estimated to cost $315,240, followed by auto, homeowners, group health and other insurance totaling $283,540.

Other Items

Entertainment (pets, toys, hobbies and vacations): $268,380. Transportation (vehicle purchases, gasoline, vehicle maintenance and driving to and from activities): $207,440. Childcare (including after-school care, summer care, school supplies and musical instruments): $186,994. Savings (a family emergency fund plus college savings for each child): $102,596. Clothing and personal care products: $78,400. Holiday gift spending: $35,380. Medicine and medical supplies: $22,286.

The Grand Total

The grand total: $2,3129,162. And you may have noticed that this didn’t cover retirement savings, which would come to $760,000 over 20 years if you did nothing more than saved the 401(k) maximum contribution of $19,000 a year. That raises the cost to over $3 million over the 20 years it takes to raise two children.



This article was written for information purposes only and its content should not be construed by any consumer and/or prospective client as rebel Financial’s solicitation to affect, or attempt to affect transactions in securities, or the rendering of personalized investment advice for compensation. No client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from rebel Financial, or from any other investment professional. See our disclosures page for more information.


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