How much does it cost to raise a child?

How much does it cost to raise a child?

The real cost of raising a little one? £231,843 apparently.

Piggybank

A study has calculated you’ll be spending over £230,000 to raise your child to the age of 21 if they’re born this year. That’s the price of an average semi-detached house in Britain.

It’s becoming more and more expensive to raise a child. The figure has increased by more than £2,500 in the last year and more than £13,000 over the last five years, the study commissioned by LV= found. And in London it’s expected to be even higher at more than a quarter of a million pounds (£253,638).

The costs are highest between when a child is between one and four years old. In a baby’s first year, parents will spent around £11,498, which rises to £63,224 between one and four.

What’s more, almost a third of this is going on childcare, with parents spending approximately £70,000 on childcare and babysitting alone.

But don’t worry, it’s not all doom and gloom – at least the cost of children’s clothing is falling. Check out our money saving tips for parents.

 

What are your top tips for saving money? Tweet us @GurgleUK!

RELATED ARTICLES

Related Articles

10 tips to help money go further
Money & Work
10 tips to help money go further
10 tips to help money go further  Loretta Hourigan, family budgeting,...
Half of parents not using free childcare
Money & Work
Half of parents not using free childcare
Half of parents not using free childcare Are you using your allowance? Although...
Extending free childcare could mean fewer places
Money & Work
Extending free childcare could mean fewer places
Extending free childcare could mean fewer places The increase in free childcare...
Bring up baby - without breaking the bank
Money & Work
Bring up baby - without breaking the bank
Bring up baby - without breaking the bank If you have a little one on the way...

the-cutest-trick-or-treater-aroundFashion

The cutest trick or treater around

What's your tiny tot wearing this halloween?
take-your-little-one-swimming-for-national-baby-swimming-weekBaby

Take your little ones to the pool for National Baby Swimming Week!

Take the kids to your local pool for a splashing time
top-ten-sleep-tips-for-babiesBaby

Top ten sleep tips for babies

Soothe a wakeful baby to sleep with these tips from Sarah Beeson
win-one-of-three-super-yummies-discovery-packsWin

Win one of three Super Yummies Discovery Packs!

We’ve got three exciting Super Yummies Discovery Packs up for grabs.
win-one-of-15-doc-mcstuffin-toy-hospital-sets-worth-over-75-eachWin

Win one of 15 Doc McStuffin Toy Hospital Sets, worth over £75 each

Enter our competition for your chance to win one of 15 prizes
win-a-dreambaby-sparkling-christmas-bundleWin

WIN a Dreambaby sparkling Christmas bundle!

Win all these products to help make life with little ones safer and easier