I-Team Quick Tip: Costs up to raise a child

Here's a ABC7 I-Team quick tip on the increased costs of raising a child. A new LendingTree study finds it has now topped $300,000 for the first time.

CHICAGO (WLS) -- Here's a quick tip on the increased costs of raising a child, until they're 18.

A new LendingTree study finds it has now topped $300,000 for the first time. It is just over $303,000.

In Illinois, costs have jumped by more than 10%, ranking the state 16th in the nation.

However, daycare costs have gone down slightly nationwide.

To save money, experts say take advantage of Dependent Care Flexible Spending Accounts form your employer, any employer childcare benefits available and child tax credits.

Also, if you can, buy big-ticket baby gear, toys and kids' clothing secondhand. Children outgrow many items quickly, and the savings can really add up.

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