Congratulations! Your family will soon be blessed with your first child. You’re on your way to a lifetime of cherished memories – and a whole new series of financial challenges.
From bringing them into the world to sending them off to the working world, children are one of the largest expenses of your lifetime. According to 2017 data from the U.S. Department of Agriculture, the average cost to raise a child from birth to age seventeen is $233,610 for a two-parent family with two children. That figure can easily double if you plan to pay part of their college tuition.
It’s no wonder that for many families, children equate to debt. Each child adds to a family’s average debt – but perhaps not as much as you think.
A recent study from the credit reporting agency Experian found that the average debt per household…