A child born in 2012 will cost his parents $241,080 in 2012 dollars, on average, over his lifetime. And children of higher-earning families drain the bank account more: Families earning more than $105,000 annually can expect to spend $399,780 per child. The “price tag” is astounding, considering that until not long ago, kids were expected to contribute to the household and were not generally a financial drain on it.