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

recipe-mango-berry-and-lime-nice-cream-sliceRecipes & Food

Recipe: Mango, berry and lime nice-cream slice

These Mango, berry and lime nice-cream slices may look indulgent but they are bursting with goodness.
recipe-strawberry-custard-tartsRecipes & Food

Recipe: Strawberry custard tarts

A faff-free version of French custard tarts
recipe-fresh-orange-juice-jelly-boatsRecipes & Food

Recipe: Fresh orange juice jelly boats

These taste fabulously fresh - they're pretty too.
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...