Becoming a parent for the first time is a wonderful and exciting time but it can be rather costly too! According to a *report released by LV= today the cost of raising a child from 0-21 years is now a staggering £222,000!
Having children has never been more expensive, with the cost of bringing up a child until he or she is 21 at an all-time high of £222,458. This is more than £4,000 up on last year and £82,000 (58%) more than ten years ago, when the first annual Cost of a Child Report from protection specialist LV= was published.
Education and childcare remains the biggest expenditure for parents. The cost of education* (including uniforms, after school clubs and university costs) has shot up from £32,593 to £72,832 per child in the last ten years – a 124% increase. Childcare costs have also rocketed from £39,613 in 2003 to £63,738 today – a 61% increase.
From birth to 21, parents spend an average of £19,270 on food and £16,195 on holidays – which now cost 4% more than last year. In fact, in the last decade, costs have risen in all areas of expenditure apart from clothing, which has seen a 5% drop.
Is it any wonder that costs are so high? With rising childcare and uni costs, and so many fantastic new gadgets tempting new parents it’s no wonder the cost of raising a child is getting higher and higher.
Top tips to Cutting the costs…
It doesn’t have to be super expensive if you know where to shop and where to cut costs, so I’m sharing my tops tips into lowering the costs of raising a child, and saving money for the important bits and bobs!
- Don’t go overboard on new baby clothes! Parent-to-be? Don’t be tempted into buying lots of expensive outfits for your newborn – packs of babygros and vests are available cheaply at supermarkets. Indulge in a couple of nice outfits for ‘showing off baby’ but don’t waste money on early outfits that they’ll grow out of. The same with your fast growing toddler – save money and buy from supermarkets or nearly new sales!
- It’s OK to wear/use second hand! There’s nothing wrong with seconds! Charity shops, friends and family sharing. Buy second-hand equipment such as pushchairs, highchairs and cots but remember to buy a new mattress if buying a second hand cot, and to avoid buying second hand car-seats unless you are sure they haven’t been involved in a car accident.
- Work out a budget and stick to it. Sticking to this budget can be made easier by planning your weekly meals and shopping around for the best deals on baby things. Tesco have regular baby bargain events where prices are slashed to half price -buy in bulk when these deals are on and save a small fortune in the long run.
- Buy supermarket brands – They are usually just as good as the leading baby brands and much cheaper!
- Cloth nappies cost much less than disposable. Not everyone’s cup of tea but a great way of saving money and not like they used to be in the 70′s! Now they are funky and easy to wash!
- Free Samples! Take advantage of all the free samples and vouchers you get during pregnancy and on having a baby.
- Don’t be fooled by ‘must have’ baby products! Don’t buy everything the baby websites and baby catalogues suggest you need. All your little ones really need is warmth, comfort, food and lots of love! There are the essentials, then there are the penny spending no-needs. Expensive swing chairs and super-duper bath seats aren’t really needed and cost rather a lot! Spend your money wisely and think how long you’ll use the things for. Is that cute, tiny cashmere cardigan really worth the spend?
- Family holidays needn’t cost the earth! Holiday in the UK or if wanting to go abroad look for regular sales and free child places. There are some fantastic deals around if you look online.
- Look out for deals! Look on money saving websites such as money saving expert, that provide links to vouchers and discount codes.
- Save on childcare costs If you need to earn some extra money but want to stay home with your little ones, think about working from home. There are lots of ‘Stay at home working mums’ that save on childcare costs and earn a reasonable income from their own home. Look at websites like working mums and Mumpreneur UK that feature family friendly job opportunities.
- Join the club! Join the supermarket and boots baby and toddler clubs to earn points and save on purchases.
- Toy share Rather than splashing out on lots of toys share toys with friends! Alternate the toys between each-other every month to excite children with ‘new’ things but without the cost.
- Join a toy/book library – lots of fabulous toys and books can be hired and for free!
- Read the local ads! For school books and equipment look on ebay and local free papers for great deals. Sports equipments needn’t be expensive – look at stores such as sportsdirect that have great deals on football boots and other sport equipment. Freecycle often has fab items – and they are FREE! Register with your local site to get daily updates on FREE items wanting a good home.
- Sell your old stuff! Unwanted items in the loft? Why not sell your old stuff and make some money! Your old is someone elses new! I’ve sold lots of things on Ebay- it’s suprising what people will buy!
Having children may be costly, but what they take out of the savings jar, they replace with love and cuddles and no amount of money can replace that!
I’d love to hear your money saving tips! Feel free to link up to your money saving ideas using the link-up below.
*For more information on the report you can visit www.LV.com
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January 24, 2013
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