Millennials underestimate the cost of raising a baby

This article is reprinted by permission from NerdWallet.

Millennials make up most of today’s new parents and parents-to-be. Having come of age during the 2007 to 2009 recession and holding more student debt than any previous generation, 18- to 34-year-olds face a unique set of challenges when paying for the first year of parenthood.

Members of the millennial generation have clear ideas about how they’ll prioritize parenting costs, but many underestimate just how much they’ll have to spend, a new NerdWallet analysis finds.

The cost of raising a baby during the first year could total $21,248 in a two-parent household with a $40,000 annual income — or $51,985 in a household bringing in $200,000 — according to the analysis.

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