529 College Savings Calculator
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Sources & References
USDA Cost of Raising a Child (Birth to Age 18)
• Total cost: $310,605 for child born in 2022 (married, middle-income family)
• Average annual cost: $17,000-18,000 per year
• Does NOT include college costs
• Breakdown: Housing (29%), Food (18%), Childcare/Education (16%), Transportation (15%)
• Average annual cost: $17,000-18,000 per year
• Does NOT include college costs
• Breakdown: Housing (29%), Food (18%), Childcare/Education (16%), Transportation (15%)
Average Childcare Costs (2024)
• Infant daycare (center-based): $1,200-1,800/month
• Toddler daycare (center-based): $1,000-1,500/month
• Preschool (part-time): $500-900/month
• After-school care: $300-600/month
• In-home nanny: $2,500-4,000/month (varies by location)
• Toddler daycare (center-based): $1,000-1,500/month
• Preschool (part-time): $500-900/month
• After-school care: $300-600/month
• In-home nanny: $2,500-4,000/month (varies by location)
Child Care and Development Tax Credit (2024)
• Maximum: $3,000 for one child, $6,000 for two+ children
• Percentage of expenses: 20-35% based on income
• Max qualifying expenses: $3,000/child (one child), $6,000 (two+ children)
• Percentage of expenses: 20-35% based on income
• Max qualifying expenses: $3,000/child (one child), $6,000 (two+ children)
Child Tax Credit (2024)
• $2,000 per qualifying child under 17
• Income phase-out: Begins at $200k single, $400k married filing jointly
• $1,600 refundable portion (Additional Child Tax Credit)
• Income phase-out: Begins at $200k single, $400k married filing jointly
• $1,600 refundable portion (Additional Child Tax Credit)
Average Cost of Childbirth (2024)
• Vaginal delivery with insurance: $2,600-4,500 out-of-pocket
• C-section with insurance: $3,500-6,500 out-of-pocket
• Without insurance: $10,000-30,000 total cost
• C-section with insurance: $3,500-6,500 out-of-pocket
• Without insurance: $10,000-30,000 total cost
Annual Child-Related Expenses by Age
• Ages 0-2: $13,000-17,000/year (highest due to childcare, formula, diapers)
• Ages 3-5: $12,000-15,000/year (preschool, clothes, food)
• Ages 6-8: $11,000-14,000/year (activities, education, clothing)
• Ages 9-11: $12,000-15,000/year (activities, electronics, clothing)
• Ages 12-14: $14,000-17,000/year (food, electronics, activities)
• Ages 15-17: $15,000-19,000/year (transportation, food, activities)
• Ages 3-5: $12,000-15,000/year (preschool, clothes, food)
• Ages 6-8: $11,000-14,000/year (activities, education, clothing)
• Ages 9-11: $12,000-15,000/year (activities, electronics, clothing)
• Ages 12-14: $14,000-17,000/year (food, electronics, activities)
• Ages 15-17: $15,000-19,000/year (transportation, food, activities)
College Costs (2024-2025)
• Public 4-year in-state: $11,260/year tuition + $12,770 room & board = $24,030 total
• Public 4-year out-of-state: $29,150/year tuition + $12,770 room & board = $41,920 total
• Private 4-year: $41,540/year tuition + $14,650 room & board = $56,190 total
• 4-year total: $96,000-$225,000 depending on institution type
• Public 4-year out-of-state: $29,150/year tuition + $12,770 room & board = $41,920 total
• Private 4-year: $41,540/year tuition + $14,650 room & board = $56,190 total
• 4-year total: $96,000-$225,000 depending on institution type
Important
Child-rearing costs vary dramatically by location, income level, and family choices. Urban areas typically have 30-50% higher childcare costs than rural areas.
⚠️ Important