Child support modifications can help with growing pains

Raising a child after divorce isn’t easy, and a big part of that could be footing the bill. Even though child support can help you fill those financial needs, fast-growing kids can quickly outpace the amount the court orders.

The U.S. Department of Agriculture says that the yearly price of bringing up a child will steadily expand as they grow up. You could see annual costs increase up to 72% by the time they reach the age of 18. It may be hard to keep up with all that expansion, but modifications to your support could help you get there.

Accounting costs

The study looks at the prices associated with raising one of the children in a two-child home. While no situations are exactly the same, the research does show the common threads between households. Housing, food and childcare rank as the top costs throughout their upbringing.

Developing sizes

While childcare adds a lot to the equation early on, you won’t need that help forever. But other costs can quickly make up that ground and then some as your child grows out of that need. Feeding an older teen can require over 20% more funds than feeding a six-year-old, and other categories like transportation, clothing and healthcare also see jumps over time.

The costs of a child don’t just change as they age, but as society marches on. Those costs saw an increase of around 10% between 1995 and the most recent report from 2015, while adjusting for inflation. This means you’ll have more than one increase to keep track of in your time as a parent.

Aging amounts

A support order from the court following a divorce can help your child get the upbringing they deserve, but their developing needs may quickly leave outdated figures in the dust. Looking to modifications may be the way to keep up with the costs of raising your family.

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