How much money do parents spend on their kids?

According to CNN Money, as of 2013, the average amount of money parents spend raising a single child is $241,080. This average is based on 18 years of parenting and does not include the cost of college, which varies widely.

CNN Money reports that costs for raising a child include housing, education, medical care, food, transportation and child care. Computers, toys and other expenses are also factored into the figure. Almost 18 percent of these expenditures included education and child care. Parents who make more money tend to spend more on their children than average, while families with less money or those living in rural areas spend less.