Babies & Children - what is a realistic budget?

Gigglepig

A bit of a silly post perhaps, I would love to have children, but would also like to make sure we can provide for them properly before getting any

I have no idea how much people actually spend. Perhaps there is a budget tool somewhere or other information about this?

Realistically, how much does it cost a year to provide for a

baby (<1)
toddler (1-4)
child (5-12)
teenager (13-19)

I am based in a fairly expensive area, but have not go the faintest idea what for example childcare costs.

SkintGypsy

So many variables to take into account.

Firstly, I am near Leeds, and my full-time childcare is £700. I am paying £8 per week on formula plus £3-4 on nappies (own brand). Clothes need upgrading regularly for both children, either due to season or growth, plus fitted shoes are around £20-30 a pair. I would say childcare is definitely the major expense involved, as everything else can be shopped around for. Plus, it gets harder once they start school. Cheaper childcare, but a nightmare in school holidays!

I can only take you to age five, but from what I have heard, teenagers are the most expensive.

If we had done the maths then we couldn't have afforded our first, however we didn't and we managed. People do.

pupsicola

I agree that childcare costs would be your greatest expense. This varies hugely depending where in the country you are.

Only you know what your income is and how much of that is disposable and could be put towards covering the cost of having a child. There is a really good budget planner on this site and helps you look at all kinds of things that should be factored into your budget and which most people overlook.

I dont think your post is a silly question at all. If most of us looked deeply at our finances before considering having a child it would be a good thing. They definately get more expensive once they are in high school.

strawberrypud

Upto age one is expensive in terms of nappies, formula and baby food. Obviously savings to be made if you use cloth nappies, breastfeed and make homemade baby food but all the equipment costs a lot but aside from mattresses I think most can be bought 2nd hand.

After they're potty trained the costs drop a lot because of no nappies and they eat what you do so preschoolers are pretty cheap to run

I don't know beyond this age yet....I'd be interested to hear why teenagers are the most expensive because surely the parents don't have to buy everything they want and clothes and food can't cost much more than the previous years. Although I believe secondary school results in a lot of extra costs but aside from that I can't think what's so expensive about a teenager...I certainly don't remember being an expensive one anyway!

Gingham_Ribbon

birth - 1:

Washable nappies (most handed down) cost very little
breastfed, then food is tiny amounts
clothes were handed down - small amount needed
They don't wear shoes until they can crawl/cruise £30ish per pair.
Cot, from birth buggy, blankets, toys, books £300ish all in - passed down to next one.
Highchair - about £15 for an Ikea one or one that straps to a chair.
Car seat - varies

1-4:

Still in handmedowns.
Food - still small portions I didn't notice an increase in the food bills at this age.
Toys and books - obviously that's a personal choice and depends on how much other people get them too.

Child -

eating me out of house and home
Clothes - growing out of them at a ridiculous rate
Shoes - at 7 years old the eldest is almost in adult shoes with VAT!
Holidays and days out - cost a lot more with 2 children - entry fees, travel costs, cafes/restaurants etc etc.

Did I mention the eating me out of house and home thing?!

Teenage - can't comment yet.

You cut your cloth to fit. If you have children, you'll find a way!

pupsicola

strawberrypud wrote: »

After they're potty trained the costs drop a lot because of no nappies and they eat what you do so preschoolers are pretty cheap to run

I love how you worded that, did make me chuckle. We are in a high maintenance stage at the mo. 8 years +. Always seems to be something to pay out for. We are forever paying money to the school for day trips, clubs, mufti days etc etc. So much for free education.

onlyroz

Childcare will be the biggest cost, but it's worthwhile paying for it so that you can maintain a career while your kids are preschool age. All other costs are minuscule.

You should also find out about the maternity pay policy at your company. Some employers are gernerous and will give you full pay for 6 months. Othersvare less generous and will make you lve on statutory pay.

Counting_Pennies_2

Definitely if you are working childcare is huge, and the younger they are I understand the more expensive they are because of the ratios of staff required.

However if you aren't working and a SAHM I have personally found the older they get the more expensive they are.

Clothes are more expensive when they are younger because they grow out of them sooner, however you can get lots of hand-me-downs if you let people know you are interested, and NCT nearly new sales sell bundles of fantastic quality clothes for very small amounts.

But I found going to lots of coffee groups and mother and baby sessions were virtually free so entertainment was minimal.

I have one nearly 7 and another aged 3. The seven year old has lots of activities. Swimming, football, tennis, tuition to help as he has fallen behind at school (but not sufficiently for the school to pick up the need for extra help!) parties (presents for each of his friends)

My 3 year old just has swimming classes and ballet.

Having said that clothes are now much cheaper. School uniforms mean that just one or two extra sets of clothes for out of school are needed. A bit of a struggle in school holidays, when I just purchase some cheap t-shirts to get us through.

Food is much the same from 6 months onwards, as you always provide for a meal whether they eat it or not regardless of their age.

hth

Nicki

Under 1 they can be virtually free if you are prepared to accept handmedowns, shop at car boot sales, exclusively breastfeed for 6 months, then pur!e small amounts of your own food for them, and use second hand disposable nappies. But the truth is most people aren't prepared to do all those things, and we all spend a fortune kitting them out nicely. Conservatively, I'd say at least £1,000 for the first year assuming you will try to do things frugally, plus any lost earnings.

1-school age, your biggest expense will be childcare of you go back to work. If you don't any maternity pay will have stopped, so deduct that from your income. As others have said shoes are expensive, and you'll want to find activities to keep them entertained, most of which will cost something especially now the free childrens centrex are closing down. Food and nappies can still be kept reasonable if you use washables and feed them the same food you are eating.

School age - teens. Childcare costs will drop as you only need wrap around care rather than full time. Big costs are school dinners (£1.95 per day where I live), school uniforms if they wear them, clothes and shoes. Any family activities such as holidays will cost a lot more as you need to pay full price for airfares usually.

Teens + mine aren't at this stage quite yet but this is when you will start coming under pressure to pay for expensive mobile phone contracts, electronic gizmos, clothes you couldn't afford to buy for yourself, driving lessons, etc. I'd guess this is the point at which they start to become unaffordable.

Young adults - university tuition fees, deposit for first rented flat, guarantor for finance.

You probably can't plan too far ahead, but as others have said somehow you seem to manage to afford them once they come along!

diable

Check out the price of pushchairs lol

clearingout

they cost as much as you want them to and/or allow them to!

You can buy a pram second hand on ebay at £50 or a new cheaper end one for £150 or go mad and spend £500 or more, for example.

If you know anyone with children, you will have things passed down which helps. If you don't, charity shops, ebay, freecycle, carboots are all fab places to get clothing and toys.

My eldest is nearly 7 - everyone (or it seems like everyone) in his class has a DS and Wii and everything else. We have a car boot gameboy and a PS2 which we get games for at no more than £1 a time at car boots. When children come to play, they are begging for a go on his gameboy which is really very old fashioned now! And I nearly died laughing the other day when I heard him tell his friend all about his 'vintage Star Wars duvet cover' (found in a charity shop!).

I do recognise that he might eventually get embarssed by all of this but for now, it works!

Childcare is the biggest expense but you'll be surprised at how much you can cut down in other areas. Children take a lot of your life away from you anyway (in a good way) and you do spend your time trawling round parks, soft play areas, animal sanctuaries and farms, all of which comes at nowhere near the price of a night on the town (again, if you're careful!).