Average cost of raising a child hits $245,000 - Aug. 18, 2014

New parents be warned: It could cost nearly a quarter of a million dollars to raise your child -- and that's not even including the cost of college.

To raise a child born in 2013 to the age of 18, it will cost a middle-income couple just over $245,000, according to newly released estimates from the U.S. Department of Agriculture.That's up $4,260, or almost 2%, from the year before.

Average cost of raising a child hits $245,000 - Aug. 18, 2014