Babies & Children - what is a realistic budget?

lauren_1

Gigglepig wrote: »

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) Very little as breast feeding is virtually free, washable nappies are cheaper although if you are going for new they have a fairly hefty initial outlay, you could use a mix of washables and disposables, or use own supermarket brands. I know of many people who have already made large purchases even before conceiving to spread the cost of cots, bedding, prams and baby toys

toddler (1-4) childcare is a huge expense that can't be avoided in some cases, many wont offer care before 8am and after 5/6pm which is fanblinkingtastic if you work shifts:mad: do not underestimate the feeling of !!!!!!-ness when you work all month but only see £200 of it, clothes are fairly cheap and you may be lucky and pick up some good bundles off of ebay or freecycle.

child (5-12) School time = virtually free childcare, you can enjoy most of your wages again but the endless round of school shoes, replacing lost jumpers and getting mugged at every available opportunity by the school soon dampens that. kids interests in toys is tripled now a cardboard box and a set of crayons provides zero entertainment, clothes are even more expensive as they enter in to the 'tweenager' zone


teenager (13-19) If we told you, you'd never want kids :rotfl:

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

The only real advice i have is to save, save, save and save a bit more. Some parents are happy to go the ebay/freecycle/bargain hunting route....some wouldn't consider anything less than mini boden and john lewis....its all relative to what you perceive as essential.

lauren_1

clearingout wrote: »

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!).

I too am hoping my kids wont be embarrassed at their 'vintage' super nintendo console.

duchy

strawberrypud wrote: »

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!

Oh boy are you in for a shock

Teenagers have bottomless pits for stomachs, they grow faster than a new born so constantly need clothes they increase housing costs as they physically need more space , that kiddie bed will need replacing, school trips aren't just local day trips but holidays, high schools expect students to buy a greater amount of stationary handmedowns are rarely an option home haircuts are rarely an option if they have hobbies they cost schools are likely to be further away so higher transport costs and as schools are further away so are friends so more travelling there too

That is just the basics and doesn't allow for mobile phones, their own PC (assuming you want to still use one as almost all homework requires a PC and internet), mp3 player/ipod etc ....... Oh and then there's university after that !!

Trust me once they hit high school you WILL find them more expensive :eek: (but I still wouldn't trade mine in )

JodyBPM

I think this is one of those impossible to answer questions!

Agree with everyone else, that childcare (or loss of salary during mat leave) is the biggest issue.

Assuming that you can afford to leave work or pay for childcare, and don't have debts up to your eyeballs, then you will be able to afford to have a child/ren.

Ultimately you could spend an absolute fortune on your children if you wanted, but the vast majority of things are optional, not compulsary! You have to choose your level of comfort! Is it important to you that your child goes on every school trip, does riding, ballet, swimming and instrument lessons, wears new Boden and Jules clothes etc, or are you happy for them to wear hand-me-downs, choose just one extra curricular activity etc.. The difference cost wise is huge!

You will save a fortune as well on your social life, especially if you are used to going out reguarly!

rachbc

Breastfeeding isn't free - I ate as much as a teenage boy whilst bf - I was unfillable!

andrealm

As others have said, the biggest expense in the early years is usually childcare and/or loss of earnings if one of you stops working or goes part time. Costs vary a lot around the country. You can save a lot on baby clothes and equipment if you gratefully accept hand me downs, use free cycle, car boot sales etc.

I once read that as a general rule people tend to spend about the same %age of their income on their kids no matter what they earn. I think this is probably true.

sir_monster

rachbc wrote: »

Breastfeeding isn't free - I ate as much as a teenage boy whilst bf - I was unfillable!

This is so true my DH said it would be cheaper to use formula than to feed me :rotfl:but seriously my bubs is 5 months and you would be surprised how much stuff you get given or can borrow if you have relatives who have had babies. For example we have borrowed: moses basket, cot, playgym, bumbo chair, bouncy chair x2 and we have been given so many clothes and toys. Also as someone says there are some many free/minimal charge groups so I was surprised how little I've been spending money but I'm sure that will change soon looking at previous posters.

Plans_all_plans

We have a large extended family/lots of friends, so hardly paid for anything in the first 2 years. Just nappies really, but even those were often bought in bulk by relatives from Costco. All clothes, toys, equipment were bought for us too. I actually couldn't believe it!

In terms of as they get older: my DD is coming up to 4 and she does ballet lessons (they're not too dear - but the equipment can be)

I also think that as they get even older they can be as dear as you want too. We have neieces and nephews who have every wordly good as far as I can see, but it's not how I'll bring our daughter up, as I find they can be ungrateful!

We'd be considerably better off if I worked full time, but I don't want someone else bringing my child up, so I choose to work part time around her. I've only started back part time recently. Childcare is dear and your loss of wages on maternity etc will be the biggest expense.

Look on here for an idea of tax credits/childcare help you may get
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Expectingorbringingupchildren/index.htm

ellay864

I agree with the school of thought that says if you wait til you can afford kids, you'll never have them
Love some of the comments about teenagers having got boys of 18 and 16...so into uni costs with DS1 the past few months. Mind you...home haircuts isn't an issue...I'm happy to pay, I just wish they'd go to the sodding barber rather than go out looking the mess they do right now!!!

Gigglepig

Thank you everyone for all the information...

Unfortunately my family is abroad and we've moved to a new part of the country, so I would not get any free babysitting or hand me downs, but I would be happy to buy things second hand.

From these posts it sounds like we would need ca. 1k the first year and then around 10k a year (if childcare comes to as much as 700 a month ... eeek!) I feel we ought to have a suitable family home first, but I am not sure we could afford paying the mortgage and supporting the kids. But I am approaching mid thirties, and don't want to put things off for too long. Not working would not be an option if we have a big mortgage.