Updated: 08/19/2014 10:57 AM
Created: 08/19/2014 10:35 AM KSTP.com
By: McKenzie Gernes
Raising kids is expensive. The USDA says a child born last year will cost the average American family more than $245,000 until they turn 18.
This number is up 1.8 percent from last year. Factors like food, housing, child care, and education were considered. We took those numbers to a financial planner, and he says expectant parents have one surprising option that can help them save more money: staying home.
"As your income goes up over the years when you get raises, spend some, have fun, but start to save more and more," Skip Johnson from Great Waters Financial said.
New numbers from the consumer financial website bankrate.com show 36 percent of American adults are not saving for retirement. It's tougher for younger people to set aside money while they are paying off that college debt, but Johnson says it needs to be a priority once you're climbing the ladder.