Can you have a baby on a budget? babyonabudgetfinal-250

Kids don't come cheap, any parent can tell you that, but are parents really aware of how much a new baby costs?

Chances are, most new parents will be prepared for the sleepless nights and dirty nappies, but will they also be ready to spend up to £7,200 during their child's first year?

The Money Advice Service (MAS) has found that parents can spend anything between £1,600 and £7,200 in their child's first 12 months – and that doesn't include the increasingly expensive childcare that many families will need to pay out for.

In response to this research, MAS has put together an infographic to help new and prospective parents better understand the costs associated with a new arrival, as well as some ideas on how to reduce their outgoings.

These include...

Assessing which items they really need, and which they could manage without.

As many as 6 out of 10 parents admit they bought things for their baby they didn't need or use.

Shopping second hand for things like toys, clothes and furniture

Selling on items you no longer need or want after your baby has outgrown them.

What items could you not do without? Did you buy any items that you wished you hadn't? Tell us in our forum, via Facebook or Twitter below.

 

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