April 2007
Money tips for new parents
We have a pretty good idea of how much sleep you're getting these days, so we'll try to make this as quick as possible. Even
if you aren't sleep-deprived, money advice may not be your idea of lively leisure reading. But as a new parent, there are
a few things you need to square away. They're covered here, in brief.
How much money are you likely to spend during baby's first year? How much have you got? Here, according to the U.S. Department of Agriculture, were the averages for families at three different income levels, as of 2005. These numbers represent a first child; subsequent children are a little cheaper. (But don't rush it on our account!)
Low income $9,052
Middle income $12,673
High income $18,836
What college costs today
These numbers may seem downright nostalgic by the time your baby heads off to freshman orientation, but here's what tuition, room and board, and all the rest would set you back today, on average, at a public or private four-year college. College costs have grown at about twice the pace of inflation in recent times, so be warned.
How much money are you likely to spend during baby's first year? How much have you got? Here, according to the U.S. Department of Agriculture, were the averages for families at three different income levels, as of 2005. These numbers represent a first child; subsequent children are a little cheaper. (But don't rush it on our account!)
Low income $9,052
Middle income $12,673
High income $18,836
What college costs today
These numbers may seem downright nostalgic by the time your baby heads off to freshman orientation, but here's what tuition, room and board, and all the rest would set you back today, on average, at a public or private four-year college. College costs have grown at about twice the pace of inflation in recent times, so be warned.
| Tuition and fees | Room and board | Total | |
|---|---|---|---|
| Public | $5,836 | $6,960 | $12,796 |
| Private | $22,218 | $8,149 | $30,367 |
