It costs this much to raise a child in New York and New Jersey

NEW YORK - Raising a child may be one of the most expensive things you will ever do. However, the exact dollar amount required to keep a family afloat comes down to your zip code.

By the numbers:

Raising a child to age 18 will now set you back a whopping $303,418 after factoring in tax breaks, according to a recent study. That 18-year cost breaks down to about $16,857 a year, and includes rent, food, infant day care, apparel, transportation and health insurance premiums.

New Jersey is the fifth most expensive state with costs reaching $312,295, while New York grabs the No. 15 spot at $278,051.

Hawaii currently ranks as the most expensive state for parents, with the total financial burden exceeding $412,000. Meanwhile, New Hampshire cuts that figure by more than half, costing parents $201,963.

Dig deeper:

While the cost of raising a child is undeniably high, the report emphasizes that you must factor in how much parents are actually earning to grasp the true impact.

Parents should expect to spend at least 20% of their yearly income on raising a small child in 22 states. However, New York and New Jersey fall slightly below that line, spending around 19 percent.

What you can do:

The reality of a six-figure price tag to raise a child is enough to make any parent panic, but LendingTree has a few practical strategies to help make these costs more manageable.

• Save as soon as possible: Create a high-yield savings account, depositing a few dollars from each paycheck
• Take advantage of government and/or workplace benefits: Reach out to your company's HR, use a dependent care flexible spending account and claim all the credits you qualify for during tax season
• "More expensive isn't always better:" Shop smart, and take advantage of hand-me-downs
• Reduce high-interest debt: Low-interest personal loans can be helpful, along with asking credit card issuers for a lower rate

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