Future parents in Illinois are overestimating how much it will cost them to raise a child, according to a new survey. The BMO Harris Bank survey says Illinois parents with kids younger than 10 spend an average of $843 per child every month. Couples that plan on having children in the next few years guess they’ll have to spend more than double that amount, $2,144 per month. The bank’s regional president, Julie Curran, says the real price will likely be smaller.
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“There’s a couple areas in particular, one is an overestimation of child care costs, as well as the overestimate of medical and dental costs,” Curran said. Curran says both the current and estimated future costs of raising kids in Illinois are above the national average. The survey also says that 87 percent of parents have cut back to cover the costs of raising kids, and 24 percent have gone into debt to do so.