Raising a child now costs more than $303,000, study finds

A significant amount of money is required to raise a child. The total cost to raise a child to age 18 is over $303,000. This works out to almost $17,000 annually after tax exemptions and credits.

Financial planning is crucial when considering starting a family. An analyst recommends setting up a dedicated fund for family expenses, even before having children.

Further information on the cost of raising a child and financial planning tips are available from the study's findings.