Costs of having a child

transistor

I am trying to make a budget to show my partner that demonstrates how having a child would effect our finances (we would like to have one at some point but we are not sure we are financially ready - so this budget will hopefully shed light on that).

Can anyone tell me what expenses we need to expect?

I do not work so there will be no childcare requirements at any point.

Some specific things I wonder about are:
Are there any costs associated with maternity itself? I've recently lost a lot of weight and plan to lose more before I would be ready to conceive so I think my fat clothes would be fine as maternity clothes.

Money advice service has a calculator for the first year of the child's life, but what about after the first year? How much will the costs increase each year?

Once a child is on solid food would I want to multiply the food budget by 0.5 or can I safely assume that food will cost less than that?

How often do kids need new clothes? Is it reasonable to get clothes at charity shops when children are old enough to feel competitive with their peers about things like that or would that damage them socially?

We don't currently own a car but eventually we might decide we need one, should I consider car costs in the context of child costs?

We're not going to pay for them to go to university or anything like that, if they want to they can fund it themselves.

We already rent a 2 bedroom house (currently the second bedroom is a computer room) and although we are moving soon (because the current house is too close to a main road) we will be sticking with two bedrooms. Since we recently decided we don't need a television style living room we plan in the next house to make the living room the computer room which leaves the other room free. So I don't envision housing costs changing.

I am sure I am missing lots of stuff and I would love to hear what stuff I am missing!:o

Cheers

DUTR

You are missing the unexpected, in all of this, car house children (in no particular order) all can raise unexpected expenses, that is life I'm afraid.
One thing for sure, the more finances available a little easier it can be, obviously there are the things that money cannot buy too, like health and the relationship.

onlyroz

In the first few years, if you have no childcare costs, then the child benefit should be plenty to cover food, clothes and equipment. I think you might find that a two-bed property will be fairly cramped though, especially if you have more than one child (and don't discount the possibility of multiple births). If you drive you might also find that you want a bigger car to accommodate buggies etc.

As for potential future university costs - the available loans are not usually enough to live on so you would be expected to top this up from your income.

kathrynha

transistor wrote: »

Are there any costs associated with maternity itself? I've recently lost a lot of weight and plan to lose more before I would be ready to conceive so I think my fat clothes would be fine as maternity clothes.

Fat clothes will pretty much do if they are elasticated waists. Your shape will be different so jeans/fitted clothes would be an issue.
There is plenty 2nd hand maternity stuff available.
Bras however you will more than likely need and they can be quite expensive, but I managed with just one, hand washed at night and put in airing cupboard ready for next morning.

transistor wrote: »

Money advice service has a calculator for the first year of the child's life, but what about after the first year? How much will the costs increase each year?

To be honest I haven't found the cost has increased with age, although that might change come teenage years.
Nappies -0-2.5ish, £10 per week
Formula - 0-1, £10 per week. Even if you plan to breastfeed you need to be able to afford it just in case.
Be willing to buy 2nd hand for most stuff. So many people want everything new, that 2nd hand stuff is available so cheaply. Only things to avoid 2nd hand are cot mattresses and car seats unless you 100% know the seat hasn't been in an accident.

transistor wrote: »

Once a child is on solid food would I want to multiply the food budget by 0.5 or can I safely assume that food will cost less than that?

If you wean on to the same as you pretty quickly and cook from scratch (add salt at the table not to the pan), then at first it only costs pence more, gradually increasing. At 8½ and with a good appetite I would say my daughter costs 90% of an adult for food. Although the more people you cook for, the cheaper it works out per person.

transistor wrote: »

How often do kids need new clothes? Is it reasonable to get clothes at charity shops when children are old enough to feel competitive with their peers about things like that or would that damage them socially?

I don't find charity shops have much kids clothes, but you can pick up cheap bundles of clothes on ebay/gumtree/facebook. I've just sold a full summer wardrobe minus underwear for £8.
Then Asda is great for new clothes.
At 8 the competitiveness is just starting to creep in, but at the moment it's more limited to a look than a make.

transistor wrote: »

We don't currently own a car but eventually we might decide we need one, should I consider car costs in the context of child costs?

A car makes things so much easier with a kid unless you live somewhere with good public transport. Remember under 5s are free on buses and trains.

transistor wrote: »

I am sure I am missing lots of stuff and I would love to hear what stuff I am missing!:o

Clubs and activities, even at preschool age. There are lots of free things to do like the park but you will want to get out with the child especially in winter.
Costs will vary on area but for an idea, around here in Leeds:
Swimming - about £5, under 5's free so just adult to pay for. Lessons about £7 per lesson
Softplay - £4 preschool, £6 5+
Toddler group -£3
Guiding/Scouting -£25 per term plus trips
Dance class - £30 per month
Football club - £110 per year

Once a child gets to school age there's school uniform cost, school trips, family holidays at peak times.

A child can cost a lot, and some costs are unavoidable, but many can be reduced to the size of your budget.

transistor

DUTR wrote: »

You are missing the unexpected, in all of this, car house children (in no particular order) all can raise unexpected expenses, that is life I'm afraid.
One thing for sure, the more finances available a little easier it can be, obviously there are the things that money cannot buy too, like health and the relationship.

Well put it like this, how much monthly excess do you think a couple need to start trying to conceive? How much savings should they have built up to cover uncertainties?

transistor

kathrynha wrote: »

Fat clothes will pretty much do if they are elasticated waists. Your shape will be different so jeans/fitted clothes would be an issue.
There is plenty 2nd hand maternity stuff available.
Bras however you will more than likely need and they can be quite expensive, but I managed with just one, hand washed at night and put in airing cupboard ready for next morning.


To be honest I haven't found the cost has increased with age, although that might change come teenage years.
Nappies -0-2.5ish, £10 per week
Formula - 0-1, £10 per week. Even if you plan to breastfeed you need to be able to afford it just in case.
Be willing to buy 2nd hand for most stuff. So many people want everything new, that 2nd hand stuff is available so cheaply. Only things to avoid 2nd hand are cot mattresses and car seats unless you 100% know the seat hasn't been in an accident.


If you wean on to the same as you pretty quickly and cook from scratch (add salt at the table not to the pan), then at first it only costs pence more, gradually increasing. At 8½ and with a good appetite I would say my daughter costs 90% of an adult for food. Although the more people you cook for, the cheaper it works out per person.


I don't find charity shops have much kids clothes, but you can pick up cheap bundles of clothes on ebay/gumtree/facebook. I've just sold a full summer wardrobe minus underwear for £8.
Then Asda is great for new clothes.
At 8 the competitiveness is just starting to creep in, but at the moment it's more limited to a look than a make.


A car makes things so much easier with a kid unless you live somewhere with good public transport. Remember under 5s are free on buses and trains.


Clubs and activities, even at preschool age. There are lots of free things to do like the park but you will want to get out with the child especially in winter.
Costs will vary on area but for an idea, around here in Leeds:
Swimming - about £5, under 5's free so just adult to pay for. Lessons about £7 per lesson
Softplay - £4 preschool, £6 5+
Toddler group -£3
Guiding/Scouting -£25 per term plus trips
Dance class - £30 per month
Football club - £110 per year

Once a child gets to school age there's school uniform cost, school trips, family holidays at peak times.

A child can cost a lot, and some costs are unavoidable, but many can be reduced to the size of your budget.

Thanks, that's helpful, you are right, I totally forgot about activities!

DUTR

transistor wrote: »

Well put it like this, how much monthly excess do you think a couple need to start trying to conceive? How much savings should they have built up to cover uncertainties?

It's not one size fits all, some will only have brand new prams etc, some will be frugal and reduce expense where possible and practical.
One income and 3 people to home can be very hard for some depending on income, even before the child, the house and car can prove expensive too.

Jagraf

It's a bottomless pit. Isn't the average something like an averge of £180,000 to age 18?

Rule of thumb. They cost more thn you think they will :eek:

transistor

Jagraf wrote: »

It's a bottomless pit. Isn't the average something like an averge of £180,000 to age 18?

Rule of thumb. They cost more thn you think they will :eek:

Well I saw an article along those lines, but £60,000 of that was childcare and probably a portion (lets say 2000) of it was mortgage interest (which is not going to be an issue for us for at least 10 years).

So that brings it down to £6556 a year, still quite a lot. But this is an average, and I am sure the average person spends more than necessary. Give me some standard deviations and then I can work with this number :P

[Deleted User]

You also need to consider you family arrangements. If you've got family that can help with childcare whilst you both work it will save you significant amounts of money. Same goes with babysitting if you ever want a social life.

Also, consider that when you go on holiday your costs also double. Also if you eat out, your dinner will be rushed and cost more

DUTR

transistor wrote: »

Well I saw an article along those lines, but £60,000 of that was childcare and probably a portion (lets say 2000) of it was mortgage interest (which is not going to be an issue for us for at least 10 years).

So that brings it down to £6556 a year, still quite a lot. But this is an average, and I am sure the average person spends more than necessary. Give me some standard deviations and then I can work with this number :P

Some people contribute that in child support and the PWC would say it's not enough, some do not get that or any help and seem to manage, so the standard deviation would not be accurate.