Is this really how much it costs to raise a child?


by motherandbaby |
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Start saving now – new statistics have revealed how much you’ll have spent on your child by the time he reaches the age of 11. And it’s quite a lot…

OK, so we all know that being a parent is expensive – but we didn’t know it would amount to such a lot. According to new research, you’ll have spent around £85,000 on your child by the time he goes to secondary school. Yep, that’d buy you at least two plush Audis…

READ: 20 CLEVER MONEY FIXES ALL MUMS NEED TO KNOW

In a survey conducted by Halifax, 1000 parents were asked about their monthly expenditure. The results showed that they spend an average of £633 on their child a month (that’s around £7500 a year), with almost half of this amount going on childcare. The second largest expense is food, at an average of £77 a month.

Parents spend an average of £633 on their child a month

Parents in London have the highest average monthly cost for childcare at £386, followed by the south of England at £330. While families who live in the north spend the least on childcare, shelling out just £289 a month on it.

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According to the stats, you’ll spend the most on your child in the first year of his life – spending over £8,500. But when your tot’s aged between five and eight years old, you’ll spend less – around £6,489 because of lower childcare costs. 

But don’t think an older child means less to fork out. Food gets more expensive as children age, with monthly spends being the highest when a child’s aged nine to 11 years old.

READ: AMAZING WAYS TO SAVE MONEY ON YOUR BABY SHOPPING IN PREGNANCY

Overall, if you live in London you could be looking at spending around £110,500 on your child before he reaches the age of 11, which is £25,000 more than the national average. In comparison, this amount falls to £76,000 in the east of England.

When you consider the rising costs associated with your child growing up, there’s no doubt it makes sense to consider saving to give them a head start with their future. Apply for a Junior ISA Plan online and get a Love2Shop voucher code worth up to £50*. Flexible, tax efficient saving from just £10 per month.

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