Cost breakdown of raising a child

The Diabolical Monocle

Hello there, I've been wondering lately what it might like to be a parent at some stage and how much it might cost myself and my wife/girlfriend in financial terms.

Could anyone provide a rough estimate on how much it might cost us in money terms monthly/annually as a guide of what to prepare for.

Just a rough estimate on what you'd guess the average parents out there are probably spending in total monthly on their baby.

Thanks.

monflat

They cost you your sleep and freedom!
All joking aside.
It depends on what you are like as parents.
Would you accept hand me downs from friends/ rrelatives for the baby when first born?
Or would you head to mammas and papas and buy all the latest stuff.
Baby shops love to see new parents comin because they tell you you will need all these things when actually you could do without

Babies grow an enormous amount in the first 2 yrs so if people give you gifts of clothes etc you may find on your first you may not need much

I have 3. Children and now I find its getting expensive but I've had some friends give me stuff.

Bought an immaculate second hand buggy which was used for all three

All equipment used for all three.

None of mine are in school yet but people will tell you that is when the expense starts
Uniform books tracksuit after school activities.
Etc etc. .

In.the early years you can do it cheaply enough.
They don't eat massive amounts
Accept hand me downs and if the child is healthy and does not need to see gp etc

However I don't think I could put a figure on it.

Who looks after child will it be a creche / childminder.
That's where a lot of money goes.

The Diabolical Monocle

Thanks.
But Im looking for a rough number.

Average family kind of thing.


Lets start with greater than 1 euro per month but less than 1 million.

madeinamerica

This is a baby cost calculator I used. It's in dollars but you can get the idea, and it gives you an idea of what kind of expenses you might encounter.


http://www.babycenter.com/baby-cost-calculator

Edit to say my guy is only 12 weeks at the moment so I've no real experience beyond that.

Kevin McCloud

I know several people who make a profit so to speak with their kids.

braddun

what does it cost for you two just add another person take off about 20% the extra person

seventeen sheep

When figuring out the net cost, make sure you factor in child benefit of €130 per month, and also think about the change to your partner's income. Will she be paid by her employer, or will she be getting only the €230 a week taxable maternity benefit - if she's entitled to it? Will she return to work after six months, or will she take additional unpaid leave? Does it make financial sense for her to return to work at all for the first few years?

The main costs are:

- Feeding the baby. If she breastfeeds exclusively and if baby eats the same food as parents eat, costs are low for the first couple of years. However, breastfeeding doesn't always work - and even if it does, there are costs such as (maybe) a pump and bottles, creams and nipple shields for the mother, etc. I wouldn't rely on breastfeeding working out, so I would budget to allow for formula feeding (and if full-time breastfeeding works out, fantastic, but no harm having room in the budget for formula feeding.) I guess you could get a sterilser and bottles and teats for €50 if you watch out for deals. Add in another €30 for plastic baby spoons and beakers, and plastic plates/bowls for toddlers (no need for special bowls for baby food, either spoonfeed from a regular bowl, or plonk finger-food straight onto their tray.) Add in €10ish for Vitamin D drops. Add in money for Infacol, other medicines baby might require for reflux, colic, etc. Formula costs between €11 and €15 ish per tin - do your research; if you end up buying a lot of it, Aptamil is the most expensive of the common brands. It adds up when you're buying a lot of it. However if Aptamil is the one that suits your baby, so be it - so budget €15 per tin just in case. There is a lot of variation in how much each baby drinks, but I'd budget a tin a week for the first year (at first it'll be less then that, then soon you'll be flying through tins in less than a week, then it tapers off.) Then all going well you can switch baby to cows milk at 12 months. However I'd always leave room in the budget for things NOT going to plan - baby may need special milk/medicine etc for longer than that. So for food, I'd say €100 initial outlay for bottles and equipment, €15 a week for the first year for formula. €5 extra a week from 6-12 months for solid food, €10 extra a week for solid food after that. In reality, baby might breastfeed and this cost is significantly reduced, but you can't count on that.

Nappies. Aim to pay as close to 10c a nappy as possible. (This isn't always possible.) I would say up to 8-10 nappies a day for the first six months, 6-8 nappies a day up to two years, hopefully potty trained after that. Add in maybe €50+ a year for wipes, cotton wool, nappy creams etc. Factor in money for changing mats, potty, sheet covers as they get older.

Clothes. You'll be given so many gifts that baby won't even wear some of them, but from 6-9 months, you'll find yourself running out! Go for hand-me-downs whenever possible. Excellent value to be found on the secondhand market.

- Equipment for baby.
Somewhere to sleep - budget maybe €70-80 for a cot (you can buy secondhand, but make sure to get a new mattress.) I would budget as much as €100 to cover all sheets, blankets, sleeping bags, bedding for the first four years - I consider sleeping bags to be essential, but they're not cheap! Skip the moses basket, but a travel cot (€30ish secondhand) is a handy thing to have.
A buggy/pram. Excellent value secondhand. If buying new, you can spend anything from €30 to €1,200. I would budget €200 for an excellent secondhand buggy - but make sure to bring an experienced parent with you to view it, they'll know exactly what to look out for. Honestly you don't know what tiny little things will infuriate you on a daily basis until you've used one on a daily basis!
A carseat. Definitely buy new. I can't give you a price on this as it'll depend whether you buy a "travel system" or not ... in my case, it was €100 for an infant carseat, and same again for a toddler car seat to do until four years. You should never buy a secondhand carseat, but there's no reason not to reuse a carseat for the next child (assuming the seat was never involved in an accident.)
A highchair. Many say that the IKEA Antilop, at €20, is the best. However you could spend up to €100.
A bouncer. I'd budget €35-€40 for a good one.
Other random equipment. I'd budget as much as €250, if not more. Mats, toys, seats, entertainment centres, soothers (so expensive!), carriers. It just depends on the child.

- Childcare. The big one, and entirely dependent on your own situation. If living in Dublin, I'd budget maybe €900-€1,000 for a creche. Slightly less for a childminder. A good bit less for an au pair (an unpalatable option for me, but it works for some.) If you have a useful granny who will mind the child for free, fantastic ... but I'd still budget for childminding, just in case. You don't know what might happen. (Bear in mind, most likely this can be left out of the budget for the first six months.)

- Healthcare. If at all possible, get health insurance. Public waiting lists are very long for common baby/toddler problems. You DO NOT want to be left watching your child in pain, or developing slowly, when a simple procedure would fix it - but you have to wait eight months. I don't know the cost of it - it'll depend on whether you already have a policy yourself - might be about €50 a month to add a child to your policy. I'd also budget for an average of 3-4 GP visits a year in the first four years. And I'd budget €50 a year for medicines etc (could end up being zero, could end up being far more!)

As you can see, it's like asking how long is a piece of string?

If I had to pick numbers - for an average healthy formula-fed baby ... I would say - for the first four years - easily €1,500 to €2,000 on "capital" baby equipment (the vast majority of which can be reused for the next baby, or sold on if there is no next baby.) This figure would include everything from clothes to buggy to soothers. Some parents would spend up to ten grand on this stuff, some savvy parents would only spend a few hundred. But I think €2,000 is a decent average amount. Then on top of that, in my mind, the child benefit comes close to covering the cost of nappies and formula and food etc. The only big "extra" expense that I notice is the cost of childcare (€1,000 a month for us), everything else is negligible really.

If you're paying €1,000 a month for childcare from six months on, that's €42,000 for the first four years. Round up to €50,000 to include all equipment and everything else.

If you have one of the afore-mentioned handy grannies around to mind the child, or if one of the parents chooses to take a career break, you're only talking about a couple of thousand euro for the first four years.

It all sounds like a lot of money either way. It may seem financially unviable. But you know, we all manage somehow. I certainly didn't think I had room in my budget for a child, and I certainly make sacrifices, but it's worth every penny of it. You'll find a way.

cyning

The Diabolical Monocle wrote: »

Thanks.
But Im looking for a rough number.

Average family kind of thing.


Lets start with greater than 1 euro per month but less than 1 million.

It's a how long is a piece of string question. Breastfeeding is free. Unless you need lc or a pump or breast pads or whatever! Formula is €12 aprox I think at 1-2 cans a week. Crèche depending on where you live could be €600 a month or €1200 or nothing at all if one of you is at home or have family to mind them who won't want to be paid. Nappies €30ish if you shop at offers time of the month. They go through a large amount of clothes in the first few years. I have a two year old who's grown out of 8 pairs of shoes at €47 a pair in the 16 months she's worn shoes whereas other kids might get six months out of a pair. If you have a colicky baby or a baby with persistent nappy rash then you will likely spend a fortune on lotions and potions to see what helps. Will you buy new or second hand for things like buggies? An 8 month old and 2 year old have added maybe €30/40 to my food shopping bill. If you stay at home heating and electric bills will be higher. If you have health insurance: €110-500 a year depending.

Children's allowance will be €135 a month.

McTigs

It's like anything else, it can be as expensive (new fancy brand everything) or as inexpensive as you make it.

Mine are 4 and nearly two and i have to say they have cost me very little so far.

My wife did breastfeed but i reckon the extra she ate to produce easily made up for the saving on formula.

We got so many gifts of clothes and bags of barely used stuff from friends with girls slightly older that shoes and knickers and tights is nearly all we've bought them.

The Aldi nappies are great and inexpensive

Grandparents love treating so let them know the sort of things that would be appreciated.... we told ours any amount of books and clothes and ultimately bicycles would be welcome.... bleepy toys not so much.

I've found that the only real kick is when they get sick and need a doctor which is 50 a pop but that shouldn't happen too often.

Keep it simple, like someone above said, new parents get conned into buying a bunch of stuff they don't really need.

JanaMay

Our first cost us over 300,000 euros ...but that because we had to buy a new house to fit her in!

Apart from that childcare is the major major cost. I spent 85% of my wages for 2 part-time in creche.

As for the rest, 700 euro for travel system but you can get one 2nd hand. (Not the car seat though).

Never had to spend a cent on formula, luckily. Nappies about 40 euro a month, but tapers off a bit after first 6-7 months.

Now that they're more or less pre-school age, shoes is a big expense. I usually buy 2 or 3 pairs per season but depends on how quickly they grow. I bought lots of 'neutral' ones for my daughter as I'm not mad on pink and sparkly, so they were re-used. I also buy cheap comfortable clothes from Penney's and Dunnes and also from second-hand shops as well as getting hand-me-downs. They use their clothes for such a short time that second hand ones really are often almost new.

One expense, also long term, is electricity (I need to do almost double the number of clothes washes that I did when it was just the two of us). Also heating...if it's just adults, you can put on an extra jumper etc. Children and babies need a warmer house and you spend more time at home.

Now that they're a bit older we pay for things like swimming lessons and other hobbies but to be honest, when we had no kids we went out at least twice a week spending a fortune in pubs and restaurants (and ciggies). Those 'expenses' have gone now so we don't see an excessive difference in what we spend (except for mortgage and childcare). I'll add though that luckily we have free medical care and I only have them in daycare part-time. I agree with the other poster who says that you will find a way, provided that at least one of you has a stable job and your mortgage isn't too high. We also did without changing station, moses basket, fancy toys etc etc and really didn't miss them at all. Don't let shop assistants talk you into buying things you probably don't need.

Best of luck.

pwurple

When we were going for our mortgage, the net disposable income calculations took 500 euro per month off the family income per month. I think that's probably a fairly average estimate.

500 euro, per month, per child.

I track these things like a lunatic myself, because I love excel sheets and budgets. We are a medium/low budget family at the moment because we are saving for something. Walk and cycle a lot, grow most of our veg, cook everything from scratch, haven't had a holiday in years, use the library for books, nearly everything baby-related is second-hand or hand-me-down. It's still coming in at about 250-300 per child averaged over the year.. not including childcare. Shoes, heating/electricity, health insurance, bins, and food for them. Even annoying things like needing official copies of birth certs for school applications all add up. (20 quid a go). We could go lower, if we cut out swimming lessons, and our weekly treat of lunch and icecream somewhere, but that's where we are at for now.

lazygal

The most expensive cost for us was going private and taking unpaid maternity leave. Childcare is next on the list.

There's not one way of calculating costs. We use cloth nappies and wipes and didn't do a lot of bottles, but you won't know if that'll work for you. It makes for massive savings though. Ours have never yet been to the doctor outside of vaccines but others seem to have them in the GP every week.

The Diabolical Monocle

pwurple wrote: »

When we were going for our mortgage, the net disposable income calculations took 500 euro per month off the family income per month. I think that's probably a fairly average estimate.

500 euro, per month, per child.

I track these things like a lunatic myself, because I love excel sheets and budgets. We are a medium/low budget family at the moment because we are saving for something. Walk and cycle a lot, grow most of our veg, cook everything from scratch, haven't had a holiday in years, use the library for books, nearly everything baby-related is second-hand or hand-me-down. It's still coming in at about 250-300 per child averaged over the year.. not including childcare. Shoes, heating/electricity, health insurance, bins, and food for them. Even annoying things like needing official copies of birth certs for school applications all add up. (20 quid a go). We could go lower, if we cut out swimming lessons, and our weekly treat of lunch and icecream somewhere, but that's where we are at for now.

Roughly 500 it is.
Thanks.

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