The true cost of having a baby
Babies may be very small, but they need a lot of care, attention, and expensive equipment, and buying everything they need can cost thousands of pounds. According to a recent survey the cost of raising a child can be up to £9,160 a year. And a study undertaken by BabyDam has shown that parents will fork out more than £5,000 on a baby before its first birthday.
Nappies, clothes, nursery furniture and feeding and bathing equipment means mums and dads will part with a total of £5,213.25 during the pregnancy and the first 12 months. And almost £1,500 of that is splashed out on the baby before it is even born!
You may think that you wouldn’t be so decadent with your own child, but you’d be surprised at how quickly the costs add up. Below is a list of some of the most expensive costs attached to having a child:
1. Nappies
A newborn baby will use an average of twelve nappies per day. With the average cost of a newborn nappy being around 13p, you can see how quickly the cost of nappies can add up! The total cost of keeping a baby in nappies for the first two years is estimated to be around £800.
2. Baby clothes
Babies grow quickly, and frequent clothing changes are often required, which means that your baby will need a full wardrobe that will need updating regularly. Even if you are a savvy shopper and hunt for a bargain, the cost of these new clothes will make a big dent in your monthly budget!
3. Maternity clothes
Your baby isn’t the only thing that will grow: so will your bump! Specialist maternity clothes can be expensive, and the cost of buying new outfits for work wear, casual wear and special occasions is likely to be more than you expected!
4. Specialist equipment
Cot, car seat, highchair, pram, baby monitors…there’s so much equipment you need when you have a new baby! This can all add to the financial cost of having a baby, and add further pressure to your already stretched finances.
5. Childcare
If you’re planning to return to work then the cost of childcare will become a very expensive consideration. Nanny, nursery or child-minding costs can be expensive, so it’s important to explore lots of different places until you find an option that suits your budget and your baby.
6. Maternity leave
Most employers now offer good maternity packages, and statutory maternity pay is a legal right, but this will rarely be equivalent to your salary before maternity leave. The loss of earnings during your period on maternity leave is one of the largest financial implications of having a child.
Ahhhhh – what should I do?
You can do yourself a favour by saving for your baby before it’s even born! If you are pregnant you’ll hopefully be drinking less alcohol and won’t feel like going out so try to put some of this money aside instead of spending it on baby clothes. Once your baby is born, you’ll probably be spending more time at home and eating out less, so take advantage of the extra cash and put it away for the little things, such as nappies and wipes.
