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

are-imaginary-friends-normalParenting

Is it 'normal' to have imaginary friends?

Q: My four-year-old daughter has an imaginary friend. Does this mean she’s lonely?
how-can-you-prepare-for-placenta-insufficiencyPregnancy

How can you prepare for placenta insufficiency?

Placenta insuffiency could lead to an early birth. What can you expect and how should you prepare?
can-eating-high-fibre-foods-give-a-breast-fed-baby-gasEating & Exercise

Can eating high-fibre foods give a breast fed baby gas?

Babies will get wind / gas, and some suffer more than others. Find out whether your diet of high-fibre foods...
win-one-of-ten-step2wo-vouchers-worth-100Win

Win one of ten Step2wo vouchers worth £100

Little ones grow out of shoes so quickly, but it's really important that they always have footwear that fits them...
win-a-mee-go-trio-worth-165Win

Win a Mee-go Trio worth £165!

Say yes to new adventures…