How much do babies really cost?

When it comes to the cost of raising babies (and kids in general) there are always new stats being thrown our way – the economy is in a permanent state of flux, even if only slightly, and averages are always changing. Halifax has the latest money scoop:

cost

Monthly cost of babies (0-12 months):

Food – £65.83

Schooling – £25.14

Holidays – £45.56

Clothes – £40.74

Toys – £24.23

Leisure & Hobbies – £30.47

Furniture – £21.47

Personal Care – £36.18

Childcare – £419.32

TOTAL – £708.94

ANNUAL COST – £8,507.28

Monthly cost of toddlers (12-24 months)

Food – £67.52

Schooling – £26.84

Holidays – £33.23

Clothes – £32.24

Toys – £18.62

Leisure & Hobbies – £28.26

Furniture – £14.66

Personal Care – £24.91

Childcare – £412.08

TOTAL – £665.60

ANNUAL COST – £7,987.20

It will come as no surprise that raising a child in London is more expensive than anywhere else in the UK – costing an average of £836.87 per month and £10,042.42 per year.

According to the Halifax report, children cost parents the most in their first year of life, so at least they get cheaper. As a mum of three and a London resident (yikes!), I’d definitely agree with the survey as far as food being the biggest expense in our monthly budget. And I know that childcare is crazy-expensive, which is one of the reasons I work from home; a decision that lots of parents are grappling with – over a third of parents have admit that the cost of raising children has forced them to seriously consider whether they could afford to return to work following maternity leave.

I don’t know about you but statistics like this seem like a really hard kick in the gut – and I’m left wondering how the heck we get by every month! But the fact is; we do. And although there are loads of compromises to be made, all of them – every single one – is worth the precious gems who we do it all for.

Source: Westernmorningnews.co.uk – “Cost of raising a child in South West is £78,000 – and that’s only to secondary school age” (http://www.westernmorningnews.co.uk/Cost-raising-child-South-West-78-000-s-secondary/story-23131650-detail/story.html)