The cost of raising a child is almost $240,000 — and that's before college

Millions of Americans struggle to put money away, leaving them empty-handed as they approach one of life's key financial milestones. 

No, not retirement — having a child, which new research shows is getting more expensive by the year.  Raising a child from birth to age 18 now costs an average of $237,482, according to LendingTree. And as with other major household spending categories, like health care and college, the tab for bring up kids is surging, with the financial firm finding that the average annual cost of child-rearing stood at $21,681 in 2021 — up almost 20% from 2016.

Those dollar figures encompass only what LendingTree describes as the "bare bones" required for raising a child, including money for food, housing, child care, apparel, transportation and health insurance, as well as the impact of tax benefits such as the Child Tax Credit. They don't include enrichment activities such as sports, after-school classes and the like, let alone the soaring cost of attending college.