Cost of Raising a Child

According to the latest survey done by Gallup, here's what you're likely to spend raising a child: $369,810

Expense                    Start Age     End Age           Annual Cost

Housing                      0                  0                     4,590

Food                          0                  0                     2,083

Transportation            0                  0                     1,558

Clothing                     0                  0                      810

Healthcare                 0                  0                      986

Childcare/Education   0                  0                       4,141

Miscellaneous              0                  0                      1,073

College                     18                 22                     26,273

Cost for first year (excluding college) is $14,151

Total cost is $369,810

Housing: Includes the extra amount you'll spend annually on shelter (mortgage interest, property taxes, or rent; maintenance and repairs; insurance), utilities (gas, electricity, fuel, telephone, and water), and home furnishings and equipment (furniture, floor coverings, major appliances, and small appliances) if you have a child. Mortgage principal payments are considered savings and are not included.

Food: Includes the extra amount you'll spend annually on food and nonalcoholic beverages purchased at grocery, convenience, and specialty stores; dining at restaurants; and school meals if you have a child.

Transportation: Includes the extra amount you'll spend annually to buy new and used vehicles, vehicle finance charges, gasoline and motor oil, maintenance and repairs, insurance, and public transportation if you have a child.

Clothing: Includes the average amount you'll spend annually on your child's apparel such as diapers, shirts, pants, dresses, and suits; footwear; and clothing services such as dry cleaning, alterations and repair, and storage.

Healthcare: Includes the average amount you'll spend annually on your child's medical and dental expenses not covered by insurance, prescription drugs and medical supplies not covered by insurance, and health insurance premiums not paid by your employer or other organizations.

Childcare and education: Includes the average amount you'll spend annually on your child's day care tuition and supplies; babysitting; and elementary and high school tuition, books, and supplies. (You may want to adjust this figure if you know your childcare needs and whether your child will attend public or private school.)

Miscellaneous: Includes the average amount you'll spend annually on your child's personal care items, entertainment, and reading materials.

Higher education: Includes the average amount you'll spend annually on your child's tuition, fees, room and board, books, travel, and incidental expenses at a public or private four-year college, depending on which you choose.

Based on 2009 consumer prices.

More on this.  Read The 369,000 Baby  (courtesy of Babble)