Cost of Raising a Child in MN: Financial Planning Tips for Minnesota Families

The Real Cost of Raising a Child in Minnesota

Justin Halverson from Great Waters Financial recently joined a local news segment to talk about why raising a child in Minnesota costs more than ever and what parents can do about it. Here is what he had to say.

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The Numbers Are Significant

Minnesota ranks sixth in the country for the cost of raising a child. Two working parents can expect to spend nearly $30,000 per year per child, and the total lifetime cost has climbed from $237,000 in 2023 to nearly $300,000 just two years later. Housing, food, and childcare are the biggest drivers, but sports, activities, and college are not far behind.

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What Families Can Do Right Now

Start with a budget that reflects the lifestyle you actually want to live. From there, be intentional about the big three spending categories, take advantage of the child tax credit, make sure you have adequate life insurance in place, and do not sacrifice your own retirement savings in the process. Your financial security matters too.

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Let Us Help You Build a Plan

Raising a family does not have to derail your financial future. Contact our team to get started!