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...

email block

dawn-of-the-sugar-taxMoney & Work

Dawn of the sugar tax?

The British Medical Association is calling for an end to marketing of sweets and sugary drinks to children
half-of-parents-not-using-free-childcareMoney & Work

Half of parents not using free childcare

50 per cent of parents of two-year-olds aren’t using the 15 hours a week of free childcare they’re entitled to
how-to-reclaim-air-taxes-for-under-12sMoney & Work

How to reclaim air taxes for under 12s

Find out now how you can claim a tax refund on child tickets fro your airline
start-your-enginesWin

LEGO DUPLO has launched three fantastic fun-filled Disney Pixar Cars 3 sets

Pre-school fans of Disney Pixar Cars 3 can recreate all the fun of the new movie with three exciting and...
win-a-little-swallows-travel-cot-from-izziwotnotWin

WIN a Little Swallows Travel Cot from Izziwotnot

Enter our competition for a chance to win a luxury travel cot worth £89!
win-free-tickets-to-this-morning-live-and-see-our-editor-scarlett-on-stage-with-holly-willoughbyWin

Win free tickets to This Morning Live and see our Editor Scarlett on stage with Holly Willoughby

See Gurgle Editor Scarlett Brady on stage with Holly Willoughby, Dr Rang and Editor of Netmums Annie O Leary to...