Cost of raising a child tops $300,000, financial expert offers planning tips

MILWAUKEE (CBS 58) -- The average cost of raising a child has risen to $303,148, up from $297,674 in 2025, according to Tina Alfini of Drake & Associates, who joined us Wednesday, Sept. 9 to talk about the rising expense and how families can plan for it.

Housing makes up the largest share of child-rearing costs, accounting for more than 30% of the total, followed by food and childcare, Alfini said. In Wisconsin, daycare can cost nearly $18,000 a year.

Alfini recommends the 50/30/20 budgeting method, splitting income between essentials, discretionary spending, and savings and debt payoff, along with building a separate emergency fund for child-related expenses.

She also mentioned long-term risks of not planning ahead, including parents prioritizing a child's college savings over their own retirement.

Find more information by visiting Drake & Associates online.