Juggling life as a busy Mum more often than not means whipping the credit card out regularly and ensuring the kids have everything they need, as well as encouraging them to try their hand at new activities or taking them out for the day. It can all get pretty exhausting – and expensive – but of course you wouldn’t have it any other way.
But… have you actually taken some time to break down what you are spending each year? Well, debt management experts PayPlan have and their results might come as a surprise, such as the cost of keeping a baby in nappies for a year amounts to £451. That’s a lot of changing!
The Centre for Economics and Business Research reckons the cost of raising a child amounts to £231,843 for children born in 2016, from the day they are born until they turn 21. Take some time to scroll through PayPlan’s guide, it’s interesting to discover what the average cost is each year and if you compare it to what you spend you might feel pretty pleased with yourself if you’re the thrifty sort!
However, there are always ways to save yourself some money and still keep the kids happy. From cutting back on brands at the supermarket to mending clothes instead of buying new to taking your own snacks in your bag for when you head out for the day – no more impromptu orders at the cafe at lunchtime – you can save a fair few pennies and justify the costs that come with raising kids.
When you finally get a minute have a scroll through the guide, and if you have older children you can have a nice chuckle to yourself about not having to spend money on nappies anymore – although be prepared for the expense of driving lessons and university in the future.
By the time your child turns 18 years old you have already spent roughly £67,000 raising them. Now, that is a lot of money, isn't it? As they grow up some might think they get cheaper but that isn't the case if you think about school trips, buying up to date gadgets, school proms, school uniforms, new clothes, shoes and so much more. There are many things that are costly as they grow up. If your child takes school lunch then you could be spending roughly £277 a year paying for it. At average you could also be spending over £200 a year on school uniform too.
Have the figures shocked you?