Babies may be adorable, but they're more expensive than you might expect. According to an ongoing study by the USDA, the average household can expect to spend nearly a quarter of a million dollars to raise a child1 – $20,000 to $50,000 of that in the first year alone.2 Here are a few tips to welcome your new addition on a solid financial footing.
1. USDA.gov, "The Cost of Raising a Child." 2017 Report.
2. Harris poll commissioned by NerdWallet, cited in "Study: Would-Be Parents Unprepared for Potential Cost of Raising a Baby." 2017.