New report reveals staggering cost of raising a child

Attention new parents: hold on to your wallets.

According to a report released on Monday by the U.S. Department of Agriculture (USDA), the cost of raising a child born in 2015 is estimated to be a staggering $233,610 –- and that doesn't include college tuition.


The jaw-dropping report derived the total sum by after calculating that middle-income couples in 2015 will spend between $12,350 and $13,900 annually on child-rearing expenses from birth through age 17.

Families with lower incomes are expected to spend $174,690, and families with higher incomes are expected to spend $372,210 within the same age frame, according to the report.

In all fairness, the USDA has been compiling the same report for decades, and the cost of raising a child has never been "cheap," per se.

In 1960, the first year the report was ever issued, a middle-income family could have expected to spend $25,230 ($195,690 in 2012 dollars) to raise a child through age 17.

In case you needed another reason to call and thank your parents today, that seems like a pretty good one.

RELATED: To help you save a few bucks while raising kids, here are 11 useful tips for back-to-school shopping:

Budget Better: 11 tips to save on school supplies shopping
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Budget Better: 11 tips to save on school supplies shopping

#1: Collect miscellaneous supplies from junk drawers, closets, and other spaces around your home before you start shopping.
You'll more than likely find that you already have more supplies lying around than you realize. 

Photo credit: Getty

#2: Head to the dollar store for the most generic items.
There's no such thing as better quality for brand name when it comes to basic necessities like pencils and pens.

Photo credit: Getty

#3: Avoid on-trend and themed items, like pencil cases and notebooks.
Not only will they cost you more, but these items won't hold interest through the years --opt for solid colors and basic patterns.

Photo credit: Getty

#4: Leave the kids at home.
The cardinal rule for saving money at the grocery store applies to school supply shopping as well.

Photo credit: Getty

#5: Apply the hand-me-down principle to sturdy and long-lasting items like backpacks and calculators.
If you've already made the investment, make the most of it.

Photo credit: Getty

#6: Buy the cheapest items you find in bulk.
If certain items are much cheaper than you budgeted for, buy one or two extra if you can spare -- it'll save you money down the road when the price might bump.

Photo credit: Getty

#7: Rent (instead of purchasing full-priced) bigger and more expensive items that will vary from year to year.
Think graphing calculators for specific math classes, textbooks, etc.

Photo credit: Getty

#8: Save items that will always be available for last-minute.
Though items like notebooks and binders may sell out, wait to purchase basic supplies like pencils and paper clips in order to avoid overpaying in the whirlwind of buying all your supplies at once.

Photo credit: Shutterstock

#9: Stick to your list.
Write down exactly what you need, cross of as you go and resist the temptation to deviate.

Photo credit: Getty

#10: Shop at more than one store.
Pick and choose which stores you'll buy certain items at -- it's the only guaranteed way for you to make sure you're getting the best deal on each specific item.

Photo credit: Getty

#11: Don't fall for every bulk deal.
While 10 boxes of pens for a seemingly low price might seem like a great deal, check to see how much you would really be saying per unit -- often, it's only a couple of cents and you end up spending much more up front for more supplies than you need.

Photo credit: Shutterstock


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