Cost of raising a child

Gyalist

This article on the cost of raising a child in the UK caught my eye this morning:

The average cost of raising a child to the age of 21 has crashed through the £200,000 barrier for the first time according to research published today.

The latest annual report from the UK's largest friendly society, LV=, reveals that parents are typically shelling out £9,610 a year to feed, clothe and educate each new member of their family. The new total of £201,809 does not include private school fees but confirms that even a state education can set families back thousands of pounds in uniforms, sports equipment and extra costs such as school trips. In total, education-related costs added up to an average of £52,881. The report shows that the cost of raising a child has increased by an inflation-busting 4% since January last year, and is up 43% over the seven years since the survey began in 2003.

LINK

I wonder what the figures are for Ireland?

ebmma

Don't know anything about figures for Ireland, but remember that my OH read somewhere (not very helpful, I know), that child costs 20% of your income. regardless of what your income is. Which makes sense to me - the more money you have, the more you'll be spending on cute new clothes (rather than 2nd hand), gadgets that you might or might not need, designer nursery, pram that costs like a car, etc.

We've spent very little so far

seamus

I remember reading a while back that the first child typically cost around €35,000 for the first 3 years (in total) and €10k/year after that. Second and subsequent children were typically much cheaper - 5-7k each pa.

If you work that out, your first child will cost around €250,000 up to the age of 21, which is pretty much in line with the UK figures.

ebmma

Or you can kick them out once they turn 18 and save some :D

iMax

if you're worried about how much they cost, get a dog instead

ebmma

iMax wrote: »

if you're worried about how much they cost, get a dog instead

Dogs cost a lot too :pac:

Moonbeam

I will start a cost comparison study.
my cat v's my puppy v's my baby and report back my findings;)

I think that sounds about right and not too high but someone once told me children are as expensive as you make them and I have to agree.
People tend to make the best of what they have and the more we have the more we spend on ourselves and our kids.

deisemum

Having a 14 and 12 year old I dread to think what they've cost me over the years so far.

At least my 4 hens only cost me 25c each per week and each produces an egg a day so they're paying their way.

My 3 cats are an expense but they don't give me any cheek.

I think the loss of or reduced income is a big part of the expense for a lot of women.

Gyalist

Just did a quick calculation and was more than a little surprised to realise that my son's 8 years of primary school and two years of secondary school have already cost well in excess of €50k in school fees!

Nevyn

The wonders of our free education system.

Khannie

I reckon 2nd + subsequent children cost a tiny fraction of the first. Also, the older you are the better (your mates will have stuff that their kids have grown out of to give you).

I always remember my old boss telling me about his family. He was from a family of 6 kids and he said he'd never worry about the cost of a child. The reason: He said that if his parents had done the finances when they had 4 kids they'd have come to the conclusion that they couldn't afford a 5th....yet they had a 5th and got by. If they'd then done the maths they'd again have come to the conclusion that they couldn't afford a 6th...yet they had one and got by.

Personally, I couldn't care less how much they cost.

hunnymonster

years ago when I lived in germany and a friend had a baby we did the maths on nappies and assuming the child was toilet trained at 2.5 years, he could have bought a brand new BMW 3 series in the cost of nappies alone. Not sure if pampers are particularly expensive in germany :-)

Moribund

Hi does anyone know of any spreadsheet that itemises the types of costs involved in raising kids. I am trying to do it manually and am sure I am missing things.