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The cost of raising a child in 2013

According to a new study, parents spend an

According to a new study, parents spend an average of $13,000 per year on their kids. (Credit: iStock)

The joy your children bring to your life may be priceless, but raising them certainly isn't.

According to BabyCenter.com's annual Cost of Raising a Child report, parents spend an average of $13,000 per year on their kids, and 66 percent agree that they are overspending -- even on the little things.

Playing the tooth fairy? That will cost you $2 per lost tooth. Allowance? That's another $5 per week. It all adds up and parents are feeling the stress.


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The anticipated cost of having a child is driving many to be more budget-conscious. Most expectant moms say they would like to save at least $4,500 before the birth of their little one and 30 percent admit to relying on their own parents to ease this financial burden, especially during baby's first year.

The study reveals that when it comes to spending on their kids, parents spend the most money on housing and renovation, followed by childcare, education, transportation, food, entertainment, healthcare and clothing.

To find out more, click here.

Tags: parenting

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