Money for having children?

redballoon_2

Hi, does anyone know how much it costs to have a baby? me and my hubby are going to start trying and just wanted some financial help on it really.

I have found out i can have 1 year off for maternity, half paid and half unpaid.
I can return to work either full time or part time.

My husband wants to have about a month off work when the baby is first born.

I am a bargain hunter at heart and will buy everything I can second hand as long as it's clean, safe and in good condition. I know that there are so many baby clothes in the chartiy shops that have probably only been worn for a few months. my mum has a lot of equipment left from when i was little as well.

I am starting to think about child care costs if i went back to work part time. possibly my mum or mother in law would have the baby one day a week.


Any advice would be much appreciated.

angeluk69_2

I am not going to lie to you, Kids are expensive!!!

But well done on your decision to start trying for one, I think it' lovely!

The best thing to do is start looking now for things that you may want for a new baby, like cots, moses basket, clothes. Go for second hand if it's in good condition, I used to lend alot of clothes to my friends and if they got messy beyond washable they used to pay me for the clothes, which obviously helps.

Things that baby's don't stay in for long are best being borrowed, like moses basket (approx 3 months) first clothes etc.

There is always the charity shops, which don't take rubbish anyway.

Also up until the baby is 3 months old and you are near the time of the birth you can apply for a maternity grant of £500. Also look out for baby fairs and shows and any promotional things you can. Check netmums.co.uk where they have people selling their old stuff really cheap.

Try to go with reusable nappies if poss, as they do work out cheaper in the long run

With regard to childcare, depending on earnings you can get up to £140 per child per week in childcare tax credits (apologies if this is incorrect) and up to £200 for two children the main criteria is that you both work at least 30 hrs (him) and 16 hrs (you) or other way round. This does need to be with a registered chilcare provider not a family member, though. But childcare in my area (northants) is around £25 - £30 per child per day.

I hope this helps and doesn't put you off

angeluk69_2

Oh also you husband will get approx £100 for paternity leave per week for 2 weeks that he takes off, he would maybe be better of taking holiday thereafter.
And as a parent you are allowed 13 weeks per year un paid leave if your kids are ill

Sorry forgot that bit, as it stung us.

also you would get child benefit at £17 per week for 1st child

redballoon_2

many thanks, i was just searching the net and found the grant, but don't think i will be able to claim.

we already have a budget set up and i am the purse holder, and i do watch every penny (well maybe not every one!)

I will use the re-useable nappies, far cheaper and good for the enviroment as well. i have thought about using the disposibles when it's convienient like if we where out all day, i would't like to carry a soiled nappy around with me!

also found out that the average cost for the first 21 years for your child is £140,000!

First year = £7,138 - the largest expense at this age is nursery furniture and equipment and child care

Years 2-5 = £39,557 - largest expense is childcare

Years 6-11 = £31,000 - largest expense is recreation and food

Years 12-18 = £33,747 - largest expense is food and clothes

Years 19-21 = £30,000 - largest expense is education


I have a food processor so will make my own baby food, just like my mum did.

redballoon_2

thanks for the extra bit of info,
it's not put me off!

I don'tt hink anyone can save enough for a baby. I know our parents will help us all they can.

aurorahelios

Depending on income you will be able to claim tax credits. There are 2 elements to CTC the childcare element as mentioned by angeluk69 and the general element which can be claimed as long as you have one parent working over 16hrs week. CTC also has an additional payment for baby's first year.

Also consider breastfeeding, apart from being better for baby, it is estimated to save £600 for the first 6 Months.

redballoon_2

thanks,

yes one of us will be working over 16 hours per week to pay the bills! I will look into it.

I will definatly breastfeed, that's what they are there for!

Thanks again.

ReportInvestor

redballoon wrote:

also found out that the average cost for the first 21 years for your child is £140,000!

I think that was from a 2003 survey .

The cost of kids - Link to various articles, estimates and strategies

The latest estimate in November 2005 was £165K :eek:.

Mail - The parent premium

I can confirm that they can be worth it, however .

conradmum

redballoon wrote:

many thanks, i was just searching the net and found the grant, but don't think i will be able to claim.

we already have a budget set up and i am the purse holder, and i do watch every penny (well maybe not every one!)

I will use the re-useable nappies, far cheaper and good for the enviroment as well. i have thought about using the disposibles when it's convienient like if we where out all day, i would't like to carry a soiled nappy around with me!

also found out that the average cost for the first 21 years for your child is £140,000!

First year = £7,138 - the largest expense at this age is nursery furniture and equipment and child care

Years 2-5 = £39,557 - largest expense is childcare

Years 6-11 = £31,000 - largest expense is recreation and food

Years 12-18 = £33,747 - largest expense is food and clothes

Years 19-21 = £30,000 - largest expense is education

These are huge overestimates. My third son is now two and the greatest expense to us is my lost earnings.
Join your local freecycle network at https://www.freecycle.co.uk. Many things are simply given away by people who want to get rid of them.
Make every effort to breastfeed and before giving up, make sure you've contacted all available support. Breastfeeding is an art, not an instinct. This will save a lot of money on things that can't be bought cheaply (there are lots of disadvantages to formula feeding aside from the expense too).
Investigate all childcare avenues. A friend and I did some reciprocal childcare as we both worked part time. This has saved us about £2500 so far.
Babies are NOT expensive!! Buying everything that you are encouraged to buy is.

Spendless

redballoon wrote:

First year = £7,138 - the largest expense at this age is nursery furniture and equipment and child care

Years 2-5 = £39,557 - largest expense is childcare

Years 6-11 = £31,000 - largest expense is recreation and food

Years 12-18 = £33,747 - largest expense is food and clothes

Years 19-21 = £30,000 - largest expense is education


.

combined with lost/reduced income i'd agree these are the areas of most expenditure though not ness the amounts.

reduce costs of baby items by taking up offers of hand me down/borrowing/buying 2nd hand/in sales

childcare- you might get help via tax credits or see if employer offers vouchers, work when other parent is at home eg weekends/evenings.

my eldest is 5 so haven't got any tips for the older ages yet.

Karnam

i think these are overestimates. coming from a family of 6kids, spending 500per week per child sounds over the top, but then it is a lot cheaper after the first. hand downs are the ultimate. my mother gave me so many handmedowns for my baby that i have an excess of things like blankets and clothes.

ive just had my little one and i certainly dont spend £150 a week on the baby! but then i dont work, and when i return to university i will have family to help out with childcare.