The cost of raising kids

It’s only natural to want the best for the children in your life, but wanting “the best” for our children can often mean serious implications for the household budget.

In terms of rewarding return, raising children can be the greatest investment you can make, but what are the real costs to achieve all of these things?

According to the latest Cost of Kids Report, bringing up two children was estimated to cost around $812,000 for a typical middle-income family, up from $537,000 in 2007, and almost double that of the first report, released in 2002, when it cost $448,000

The major areas of expenditure for raising a family include: transport, food, recreation and education (particularly for private schools).