A realistic breakdown of the costs from your birth until you turned 18.
This helps us adjust for how much things cost while you were growing up.
*Adjusted for the cost of living during the years you were a child.
We take modern prices and use historical data from the Bureau of Labor Statistics to figure out what those things actually cost when you were a kid.
Factor Calculation: We average the cost of living between your birth year and your 18th year.
For Year 2000: (0.567 + 0.785) / 2 = 0.676 (multiplier)
Covers the extra space, electricity, and water a child adds to a household budget.
Based on USDA official food plans ranging from "thrifty" to "liberal."
Covers everything from diapers and baby clothes to high school gear.
Includes computers, school trips, stationery, and graduation costs.
Fees for sports, music lessons, summer camps, and recreational equipment.
Out-of-pocket medical bills, dental checkups, and items like braces or glasses.
Sources:
USDA Expenditures on Children by Families Report; BLS Consumer Price Index Tables; USDA Official Food Plans.