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May 06, 2015

The price of parenthood

The average American couple with two children would spend about $826,000 on their kids - if they cut them off at age 18

As news of Princess Charlotte of Cambridge’s arrival in this world made its way through social media last week, Time Magazine took the opportunity to remind the average American that – well – we aren’t royals. 

To make its point, Time shared statistics on the financial strain of money well-spent on raising two children for the average American married couple.  

Spoiler: It's not cheap. 

According to Time's reporter Ian Salisbury, "a couple with a combined income of more than $107,000 would spend an average of $510,000 to raise a child to his or her 18th birthday. For a pair, the number is just short of seven figures, at $826,000. And those averages do not include college, which can add another $328,000 to the tab if both kids go to private schools and graduate in four years."

According to the Department of Agriculture, a two-parent, middle-income household spends about $16,180 on baby one each year and an additional $12,940 a year for baby two. Hello, hand-me-downs.

But before you run off to tell your sweetheart your case of baby fever has miraculously been cured, consider this:  Four million babies are born in the U.S. each year to parents of all income levels who are making it work.

To help you plan and ease your worries, WebMd has created a baby budget with money-saving tips such as buying diapers in bulk and breast-feeding.