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Parent Talk: The Cost of Raising a Child

The United States Department of Agriculture reports that the cost to raise a child born in 2011 has increased to nearly $235,000.

Last week, the United States Department of Agriculutre [USDA] released their annual report that middle class families with a child born in 2011 can expect to spend $234,900 over the next 17 years. This cost includes food, shelter and other necessities but does not include college.

The report claims that families with three or more children can expect to spend an estimated 22% less per child due to hand me downs, sharing bedrooms and other shared expenses.

The USDA has been compiling the report since 1960 when the largest child rearing expense was considered housing and childcare/daycare costs were nonexistent.

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Do you think $235,000 sounds like an accurate amount of money spent over 17 years raising children? How does one save money for the purpose of raising kids, braces, , college?

I checked in with Assistant Vice President, Torrey Quella to find out his thoughts on how parents can save and spend money wisely as they parent and also how to prepare for the future.

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1. You can't save if you're in debt. "If the average return on your investment is 7% but you're paying 18% on debt, you're losing money," Quella said.

Get out of debt as quickly as possibly by following Dave Ramsey's advice, "pay the smallest debt first."

2. Make a budget. "If you don't have a budget, nothing matters," Quella said. Once you have a budget you can see where you might need to cut costs whether that's cable tv or your morning latte.

3. When it comes to saving for college, the earlier the better. "Time value when it comes to money is better," Quella said. Open a 529 College Savings Plan that can be used for college when it comes time. If your child decides not to go to college, the money can still be used but will be taxed.

4. Teach money management. "One of the biggest problems in schools is there is no financial advice so kids are living what their parents are teaching and it isn't always good," Quella said. When kids see their parents struggling paycheck to paycheck, they are likely to model the same when they are out on their own. Teach your kids how to delay purchases because you are saving.

5. Prioritize. "There's a big difference between the rich and the wealthy," Quella said. "I want parents to be wealthy by making good investments, saving money and being frugal."

This means not always driving the nicest, newest car or buying the newest, best electronics. "As parents we want to give our kids more than we had," Quella said sharing an age old saying. "That's great but don't sacrifice your financial well being so that they have Tommy Hilfiger clothes at age 6."

Hand me downs, used bikes and toys are just as great for kids as new.

6. Expect the unexpected. "Kids get sick and hurt and doctors cost money," Quella said. Your kids might need braces [$$$] or play hockey [$$] and if you aren't expecting the unexpected you'll be ill prepared when the time comes.

7. Talk about college costs early. "Decide if you are planning on paying for college or giving a specific amount or even if your kids are on their own," Quella said. Have a plan in place so that everyone knows how college will be covered. Colleges look at the parents income so even if you don't plan on helping your child's financial aid will be based on that.

"Look into Post Secondary Education," Quella advised. Doing two years of college classes in high school can really help save money for college.

If you have questions about saving for kids or college expenses, contact Torrey Quella at 952-858-4707.

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