Annual Cost of Raising a Child
Many parents understand that raising a child is a costly endeavour – the Centre for Economics and Business Research claims it now amounts to £231,843 for children born in 2016 – but kids do need those clothes… and shoes and toys and food. And as they grow older it’s mobile phones, school trips and driving lessons that push the costs up.
However, it’s interesting to break down these expenses, to discover just how much each one amounts to on average, on a yearly basis – which is what the clever people at PayPlan have done with their interactive Maintenance Matters guide.
The guide was created to strengthen the idea that more single parents should claim child maintenance, if they are not already, as this extra income is essential when raising children without the support of a partner. Whether it’s a family based agreement or one that is arranged via the Child Maintenance Agency, every penny counts when ensuring your children have everything they need as they grow.
While exploring the interactive guide you’ll discover which important items cost the most on average each year for a child, confirming that watching the pennies and being thrifty is important when raising kids. After all, as the guide details, nappies can amount to £451 per year, while primary school uniform comes in at a whopping £251 – and we all know how quickly little ones grow out of it!
As your child grows the type of expenses change but they also become costlier, for example school lunches can quickly tot up to £277 per year as you fill their lunchboxes with healthy snacks and sandwiches or pay for school meals while activities such as extra curricula activities and school trips may require you to dip into your savings to send them off on adventures with their classmates – according to PayPlan these can amount to an eye watering £634.
However, these expenses for many parents are considered necessary, after all kids need uniform, food and entertainment. But as they grow older you might find your hand dips into your pocket more and more for things like a school prom – £244 is typically spent per person to send a child to prom – driving lessons and even sending them to their first music festival, which after buying tents and camping gear can set you back £420.
Take some time to scroll through the guide and perhaps tally the costs up with what you spend on your own kids, once you sit down and make the calculations you might be surprised.
