Budgeting for new-born

caldi9

Good afternoon,

We are expecting our 1st born and are planning our upcoming yearly expenses for the child including schooling/insurances/food/clothing etc. We live in London, so expecting a bit. Is there a good planner/overview that lists the expenses?

Thanks much 

RAS

This would be a good starting point. It's used on the debt forum but works fine for basic budgeting.

Statement of Affairs SOA Calculator (lemonfool.co.uk) 

caldi9

Thanks, but rather looking for expenses for a child in London per year. Aware of own expenses, but not entirely what comes with a child.

Keep_pedalling

It is hard for anyone to advise based on so little info. Is the plan to for both parents to continue full time employment once maternity leave is over?, buy everything new or happy to go second hand for big ticket items? Breat or bottle? 

caldi9

Keep_pedalling said:

It is hard for anyone to advise based on so little info. Is the plan to for both parents to continue full time employment once maternity leave is over?, buy everything new or happy to go second hand for big ticket items? Breat or bottle? 

 There must be a starting cost base. Again, this is not about income or affordability, but expenses for a child. There must be a rough guide stating what are key expenses each year, from schooling to insurances to food to clothing etc. Pretty standard question and surprised about the preconception of certain users here that do not even read the original question.

Emmia

If you believe this Times article - the first year is £6,000 or £500 per month. 

https://www.thetimes.co.uk/money-mentor/article/starting-family-baby-costs/

But there are many, many variables - where are you planning to purchase baby clothes from, method of feeding, childcare requirements - are you planning to check it into a nursery ASAP? (I'm not judging, I used to work in a nursery for children aged 3-5 and we'd get several calls a week, with parents looking for a place for their new born) or employ a nanny? is one of you giving up work, which whilst cheaper in terms of saving nursery fees, has its own costs in the form of an interrupted career, or loss of salary. Will grandparents / family be helping with the care. 

Are you a single parent (which tends to make child raising more expensive, as you'll probably have a greater reliance on paid child care) 

Are you planning on an education which is at fee paying, or state schools? annual skiing holidays, or lots of long haul destinations for summer breaks? 

This type of question, can be a bit of a "how long is a piece of string" question. 

caldi9

Emmia said:

If you believe this Times article - the first year is £6,000 or £500 per month. 

https://www.thetimes.co.uk/money-mentor/article/starting-family-baby-costs/

But there are many, many variables - where are you planning to purchase baby clothes from, method of feeding, childcare requirements - are you planning to check it into a nursery ASAP? (I'm not judging, I used to work in a nursery for children aged 3-5 and we'd get several calls a week, with parents looking for a place for their new born) or employ a nanny? is one of you giving up work, which whilst cheaper in terms of saving nursery fees, has its own costs in the form of an interrupted career, or loss of salary. 

Are you planning on an education which is at fee paying, or state schools? annual skiing holidays, or lots of long haul destinations for summer breaks? 

this type of question, can be a bit of a "how long is a piece of string" question. 

 Thanks, was wondering how much basic necessary expenses are. Would say including nursery included, ski holidays certainly not.

wilfred30

caldi9 said:

Keep_pedalling said:

It is hard for anyone to advise based on so little info. Is the plan to for both parents to continue full time employment once maternity leave is over?, buy everything new or happy to go second hand for big ticket items? Breat or bottle? 

 There must be a starting cost base. Again, this is not about income or affordability, but expenses for a child. There must be a rough guide stating what are key expenses each year, from schooling to insurances to food to clothing etc. Pretty standard question and surprised about the preconception of certain users here that do not even read the original question.

As you live in London, your first year budget should probably be around £10k.

Happy now?

Emmia

caldi9 said:

Emmia said:

If you believe this Times article - the first year is £6,000 or £500 per month. 

https://www.thetimes.co.uk/money-mentor/article/starting-family-baby-costs/

But there are many, many variables - where are you planning to purchase baby clothes from, method of feeding, childcare requirements - are you planning to check it into a nursery ASAP? (I'm not judging, I used to work in a nursery for children aged 3-5 and we'd get several calls a week, with parents looking for a place for their new born) or employ a nanny? is one of you giving up work, which whilst cheaper in terms of saving nursery fees, has its own costs in the form of an interrupted career, or loss of salary. 

Are you planning on an education which is at fee paying, or state schools? annual skiing holidays, or lots of long haul destinations for summer breaks? 

this type of question, can be a bit of a "how long is a piece of string" question. 

 Thanks, was wondering how much basic necessary expenses are. Would say including nursery included, ski holidays certainly not.

https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk

Nursery is £7,160 a year for 25 hours per week, in London for a child under 2 apparently. 

caldi9

Emmia said:

If you believe this Times article - the first year is £6,000 or £500 per month. 

https://www.thetimes.co.uk/money-mentor/article/starting-family-baby-costs/

But there are many, many variables - where are you planning to purchase baby clothes from, method of feeding, childcare requirements - are you planning to check it into a nursery ASAP? (I'm not judging, I used to work in a nursery for children aged 3-5 and we'd get several calls a week, with parents looking for a place for their new born) or employ a nanny? is one of you giving up work, which whilst cheaper in terms of saving nursery fees, has its own costs in the form of an interrupted career, or loss of salary. Will grandparents / family be helping with the care. 

Are you a single parent (which tends to make child raising more expensive, as you'll probably have a greater reliance on paid child care) 

Are you planning on an education which is at fee paying, or state schools? annual skiing holidays, or lots of long haul destinations for summer breaks? 

This type of question, can be a bit of a "how long is a piece of string" question. 

 Great article, very helpful.

T.T.D

Budget in that you’ll never be able to
estimate the costs of having a child into your budget. Costs can vary wildly daily.