Having children could be the biggest financial decision people make, even bigger than a home purchase. According to the USDA the cost of raising a child to age 17 is $222,360. If you send your child to private school in Chicago that could add an additional $260,000 on top of that. A top private collage? Add another $240,000 and your up to $722,360. If you tack on the costs of buying a larger car or a larger home, or if you hire a nanny for child care, your cost could easily top $1 million.
See the Chicago Tribune Article for more.