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The Cost of Raising a Child With Chad Clark

MoneyWise | Oct 1, 2022

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Show Notes

God’s Word tells believers to “Be fruitful and multiply and fill the earth.” But it seems that economics is making that ever more difficult. We’ll talk about it with Chad Clark.

Our guest Chad Clark is normally behind the scenes, making things happen as the Executive Director of MoneyWise. But he’s also a keen observer of financial trends, so he joins us to talk about the rising cost of raising a child. Clark shares some interesting statistics about what it costs to be a parent these days.

  • According to the Brookings Institute, a married couple with two children will spend upwards of $310,605 to raise both children thru age 17.
  • Raising kids these days includes a range of expenses: housing, food, clothing, healthcare, child care, diapers, haircuts, and things like sports equipment or dance lessons.
  • And raising kids isn’t getting any less expensive. In the short term, inflation is going to continue to play a substantial role.
  • Prices for food at home were up 13.1% in July compared with the year before, adding pressure to household budgets.
  • Even though inflation eased a bit in July, down to 8.5%, food prices continued to climb in July, up 10.9% on an annual basis.
  • Clark shares four financial keys to raising kids:
  • 1. Have a spending plan
  • 2. Track your expenditures
  • 3. Communicate with your spouse
  • 4. Communicate with your children

On this program, Rob also answers listener questions:

  • How should you go about preparing to sell your home?
  • What is the best way to evaluate a financial advisor?

RESOURCES MENTIONED:

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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