Q13 News This Morning is airing on JOEtv (cable 10/ch. 22) due to FIFA World Cup coverage on Q13 FOX

GUEST: Budgeting for your family

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

SEATTLE — Raising a family is rewarding, but expensive.  Recent studies from the U.S. Department of Agriculture shows it costs $241,080.

As parents we know every penny is worth it, but, where do we start?   Janice Phillips, senior vice president of Columbia Bank says start with a budget and break down expenses.”That number can be a little daunting, but, you have to realize that the quarter of a million dollars is not all in one lump sum, it’s spread out over a 17 year period.  So, you have to know you have to break down your income v. expenses.  A great tool is provided by the USDA.  They have an online calculator to help you budget.”

The biggest expense, according to the USDA, is housing, 30%, followed by child care and education (18%), food (16%), and transportation (14%).  “Live with your means.  The more kids you have the bigger the house.  Don’t buy or rent over what you need.  Same goes for child care.  Studies show the more income you make the more you spend on child care or education.  It’s a tough task defining what is quality v. what you may only need.  Food, buy in bulk, shop for deals and eat at home more than going out.  Going out is fun and good family bonding, but it can cost you a lot of money.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s