what is the average cost of raising a child to 18

Budgeting when you take a family unit to look after is far more than difficult than it is as a single person.

With two children, ownership something casual like an ice cream tin can start to look more like a £10 spend than simply using the spare change in your pocket, and a weekend abroad can rapidly soar by hundreds of pounds.

Food, educational activity, wearable, travel, entertainment, childcare – it all adds upwardly. At Compare UK Quotes, we've crunched the numbers to effigy out how much it costs to raise a child in the Great britain.

And in addition to this, we want to celebrate with people who are due to have a baby soon!

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To do so, nosotros have teamed up with Quick Quote Life who are giving abroad up to £200 in the course of an Amazon eGift voucher to those who purchase a life insurance policy with them in order to protect their loved ones, helping their customers that little fleck actress during these difficult times. To notice out more, visit Quick Quote Life here!

In this guide:

Average cost of raising a kid UK

Having a infant - How to prepare financially + nine tips for new parents

The primary years + v tips for parents

The teenage years and beyond + 5 tips for parents

How much does a parent spend on a kid?

Financial products worth considering

The boilerplate cost of raising a kid in the UK

The uncomplicated fact is that the toll of raising a child is going to depend a lot on your personal circumstances and no two families are alike - boilerplate numbers give u.s. some idea, though. Co-ordinate to the Child Poverty Action committee (CPAG), the average cost of raising a kid (excluding housing and childcare) from birth to xviii is:

• £75,436 for a couple

• £102,627 for a single parent

Of course, it's easy to end upwards weighing in well above 'boilerplate' – and those figures don't include the costs of housing and childcare which can easily double the totals!

Having a babe - How to set financially

Preparing for a infant tin seem like a existent claiming, peculiarly if it's your first time.

If you are going to be a new parent, at that place are a few things that you will need to consider beforehand to ensure that your new family is protected for all situations throughout their life and that your finances are in club. Doing this will assist you relax when your packet of joy comes forth, leaving you to relish every moment.

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9 tips for new parents

#1 – Don't have any expectations

It's besides easy (specially with a first child) to try to fit yourself into a pre-conceived expectation, whether that be with parenting in general or your finances – and it can lead to feeling similar y'all are non managing. Get rid of your expectations and have that yous're learning something new!

#two – Accept help

Whether it's some passed on infant clothes or a friend willing to pay for takeout, everything helps. Don't be too proud to say 'thank you' and take what's on offer!

#iii – Remember that your babe doesn't need as much every bit you lot think

New parents love to splash out on getting everything perfect – just the truth is that, as long as your baby is happy and good for you, fed and watered, then you're doing a swell job! At that place'southward no need to buy everything new and that video-monitoring gadget with a eye monitor, soothing dark sounds and vocalization activated app really isn't needed where a £10 baby monitor will exercise!

Tip: While accepting hand-me-downs is a peachy way to salve money, at that place are some things which – for hygiene reasons – nosotros would recommend ownership new. For example, a crib mattress.

Are you having a baby? Create an Amazon baby wish listing now:

#4 – Practice your enquiry and budget meticulously

Write down how much you programme to spend and stick to it. Budgeting as a parent is a trivial different to existence responsible for only yourself, but as time goes on y'all'll get better at getting it correct and can keep your finances in check. If y'all do run into difficulties, you should try to communicate with anyone you are struggling to pay and see if you tin can accomplish a improve system.

Make sure you do your inquiry - brand a list of all the essential things you're going to demand for the new babe, piece of work out the total cost per calendar month and attempt to fit this into your monthly budget.

Past doing this, it volition help you better understand the true cost of having a infant, which will therefore help yous plan your finances.

Read more: How to upkeep - Allocating Your Income to Salve Money

#5 – Make sure you lot're getting the best deals, from household bills to nappies

Having a baby can be expensive and information technology's certainly going to increase your outgoings, and so you're going to demand to brand cuts on everyday bills and expenses where possible. Yous may be paying for things that you lot don't necessarily need, in which example, you should look to cancel unnecessary contracts, provided yous understand the terms of doing then first.

One of the best ways to cut down your bills is to write downwardly the toll of all your current bills and utilize comparing sites to run into if you tin get a better deal - in many cases, y'all are likely to salvage a lot past switching providers. If you have been with the aforementioned visitor for years, y'all are probable paying more than than you should be.

You tin can easily save money right now by comparing deals across the market, whether information technology'southward on your energy bills (utilities like gas and electric), motorcar insurance premiums, dwelling insurance, TV and broadband subscription, mobile telephone contract or any other essential bill. By comparison a range of deals, this will help you identify the best 1 for yous, and by switching companies, it is highly likely that yous will save money.

Don't forget to take advantage of offers that have been specifically tailored for new parents, such every bit those provided past Amazon Family, Boots Parenting Club and nappy comparison website bumdeal.co.britain.

Cutting downward on all your costs volition help you lot budget better when the new baby comes along, giving you more coin for the things you really need.

Another way to make certain you're making the most out of your money is past using greenbacks back websites when shopping online.

#six – Take advantage of cash dorsum sites

When shopping online, you should use cashback websites to do so as you lot can get some money back from your purchases, all for free!

Many cashback sites, similar Kerching and Win, also give their members the opportunity to earn money by completing surveys, which is something you could easily do betwixt breast feeds or while your little 1 is napping. It'south certainly an piece of cake manner to make a little actress money online!

Other cash back sites like Quidco, Widilo and OhMyDosh also have tailored cashback deals for parents and kids, too.

Discover out more than:  What are the best cashback sites in the UK?

#7 – Protect your family unit's income and avails - Go insurance and write a will

If you oasis't already, you should have an income protection policy in identify that will protect your family financially if y'all become unable to earn equally usual due to an illness or injury.

Information technology'south important to consider how your family would fair financially without your, or your partner'south, income. Would y'all be able to keep up with the mortgage/rent payments and bills? If you fear that y'all'd struggle, an insurance policy is essential.

A standard life insurance policy can likewise protect your loved ones financially in the event that you lot, your partner or both of yous should unexpectedly pass away, and getting a policy can be a lot cheaper than many people presume.

Remember - smoking can almost double premiums, and so now's the fourth dimension to try and quit! This will also help you salve.

Read our guide on life insurance and gratis gifts to see how you could get some money back on cover.

Now you have a family, you lot volition also need to write a will, which you can practice online at a inexpensive cost, without the need for expensive solicitors.

Having a will in place will ensure your children's' inheritance is protected, and your assets volition be shared out in line with your personal wishes in the upshot of your expiry. Without a will, everything yous've worked difficult for could be handed downward to the wrong people.

Learn more most wills in our guide: A Guide to Will Writing for New Parents

#8 – Getting credit cards and loans

Be very careful when considering getting a credit card or loan to aid pay for immediate things you may desire or need.

If you lot are thinking of taking out a personal loan to make a purchase, you must be able to afford the monthly repayments and you must fully understand what's expected of you (the terms of the understanding) also every bit be aware of whatever interest that's going to exist added on top.

Read our vi Golden Rules of Getting a Loan if you are unsure whether getting a loan is the correct thing for yous.

A credit card tin can exist useful for making essential purchases niggling and oftentimes, and it can too help build up your credit score. Simply become a credit bill of fare if you feel you can be strict with the amount you lot spend, and call up that you lot must make every repayment on time and in full, as failing to do so will negatively bear on your credit rating and your power to borrow money in the futurity.

Call back - when looking to get the best deals on the market, peculiarly for loans and credit cards, yous'll demand a adept credit score and you'll need to check it regularly to keep on top of it.

Read more than: How to Protect Your Credit Score

#9 – Be willing to adapt

You might plan to go back to work after a twelvemonth, but may find that it's not correct for you lot when the fourth dimension comes and you would adopt to spend another year being a full-time parent. Do what feels correct for yous, adapt your plans and don't just do something considering that was the original idea.

For many people, the most expensive time when raising a child is prior to complimentary school education. If you choose to render to work in this period, then childcare costs raise their ugly (and expensive) head.

According to the Money Advice Service, the average cost of childcare in the UK comes in betwixt £127 (function-time, 25 hours) and £242 (full time, 50 hours) per week, per child nether two-years-old (the amounts vary whether for a registered childminder or a solar day nursery) and while government schemes such equally child maintenance or revenue enhancement gratuitous childcare can shave some off this amount, it'south still a hefty price.

£ane,000 per month is a lot to budget for and it can hands feel like you are returning to piece of work only to keep your mitt in while the majority of the money goes to pay for childcare. Plus there are all of the additional costs – a new baby needs a new cot, new mattress and apparel (though those tin be paw-me-downs).

Did you know that nappies for one child solitary put the average family back £260 per twelvemonth? Give some idea to the parents dealing with twins!

Are you lot having a baby? Create an Amazon baby wish list now:

The primary years

While school shouldn't exist thought of as just costless childcare, in that location'southward a definite moment of being able to exhale when yous know your kid is looked after for the majority of the day and the state school system means it is costing you nothing – all of a sudden the average toll of your kid per month can drib by hundreds of pounds!

Childcare costs per day fall to little more than £12, with plant nursery costs or childminder fees replaced by school and after-schoolhouse clubs. Don't start planning to splash out with that extra money though, because your sweethearts are probably eating enough to feed elephants!

The average food pecker for a family of four in the UK in 2020 is between £80 and £100 per week, whereas the ONS (Role for National Statistics) shows that the average weekly store across all families is a much lower £60.60. Anecdotal prove, including reports from discussion forums such as Mumsnet, put the number much college, and many families suggest a weekly supermarket shop of £120 or more.

The period while your children are pre-teen is the cheapest they are likely to get, with occasional trips out and time on vacation likely to be your biggest expenditures.

That and shoes, of course! How do children get through and so many pairs of shoes?!

Top 5 tips for the primary years

#1 – Remember children are happy with a lot less than you think

As long as they are warm, dry out and fed, children tend to be happy with whatever is around them. Expensive toys and gadgets are a great bonus simply past no means necessary with a child'due south imagination, where a stick can be a wand, sword, bridge, flagpole or fifty-fifty sleeping snake!

#ii – Plan meals

Takeaways and restaurants are an expense yous just don't demand – plus the pain of taking children out means you are oftentimes unable to relax! Enjoy meal times at home and cook from fresh as much as possible to save on money and enjoy a more nutritious meal.

#iii – Utilise Gumtree, Facebook Market and Freecycle etc.

These used marketplaces are a godsend. With everything from toys to article of furniture, you will spend less, have more than and intendance less when things get wrecked! Just don't get too addicted!

#4 – Be part of your community

Friends with children in a similar age subclass can lower the cost of a child too as provide them with a more than varied life. Having an extra kid over for a sleepover costs trivial, just an evening to yourself when the favour is reciprocated has untold value!

#5 – Holiday in the United kingdom

At that place'due south no need to splash out on expensive holidays abroad when the Uk provides so many options that are merely as exciting and new for your children. Camping and caravan holidays tin can be very cost effective and volition stick in their memories for a lifetime – even in the rainy season!

Teenagers and beyond

The average cost of raising a teenager per calendar month in the UK comes in at over £400; it's no wonder that many parents struggle!

Like the other boilerplate figures obtained by CPAG, the price of raising a child for a parent can modify wildly depending on many factors, and with teenagers one of the biggest costs becomes transportation.

Teenagers like to leave. They are discovering and stretching their freedom and in cities this might mean little more a bus pass, but for those in more rural areas, the constant demand from teenagers for beingness driven around takes its toll – not only in terms of actual coin but time, besides.

Plus, teenagers eat more than many adults – they expend more energy, are nevertheless growing and demand a substantial amount of 'brain food'.

Then in that location's telephone bills, Xbox subscriptions and their profound inability to turn off a lite when leaving a room! Overall, at that place's no doubt that teenagers correspond the greatest bear upon on your finances. CPAG estimates that information technology'due south more than than £28,000 to raise a teenager from 13 to 19.

In that location'southward a good chance that it doesn't end when they leave home either – requests for money to assistance them in any farther education become requests for rent deposits, offset cars, getting married and buying a abode!

Learn more than: How Practice Student Loans Piece of work?

Superlative v tips for the teenage years

#1 – Teach them financial responsibleness

Explaining the realities of financial life and helping them understand the value of things is an important stage of a teenager'southward instruction and tin can save you thousands of pounds in the long run! Get them a bank account past the time they're 13 and let them feel the highs and lows of saving and splurging. Hopefully, many of the of import lessons volition be learned before they turn 18 and get access to credit!

#2 – Limit their expense

Talk to your teenager and limit the activities and other expenses that can rack upwardly. Explain to them that there'due south only a certain amount of money bachelor and they can't take information technology all. This may mean having to choose betwixt a phone contract and a monthly trip out, or choosing one hobby over another.

#three – Take them on the weekly nutrient shop

Though it can be mentally and emotionally exhausting trawling effectually the supermarket with your teenager, making them participate in the weekly store volition assist them sympathise the hard choices you lot are having to make regarding food and budgeting, as well as giving them a skillful grounding into what goes into each meal.

#4 – Offering extra money for jobs around the firm

Being paid to do chores gives teenagers the ability to get themselves a little more than as well as introducing them to the real earth concept of working for their money. Children are too far more likely to capeesh and look after something (like an item of clothing) that they have had to work for to buy, rather than given to them.

#v – Remember they are non adults

It'south all too easy to see our teenagers (especially the older ones) every bit near-adults rather than still-children, merely that's non always the case. Teenagers will make the same lightheaded mistakes as younger children and shouldn't always exist expected to know ameliorate – subsequently all, they're notwithstanding learning (despite their protestations that they know best). Anticipating their mistakes and planning for them tin can help relieve greenbacks in the long run!

How much does a parent spend on a child? – The reality!

The real cost of raising a kid, whether you're a single parent or a couple, is everything y'all are able to give! Similar a fish that volition grow to the size of its environment, a child will spend to the size of your banking company account! And, through love, a feeling of responsibility and the pure joy of it, you will enable it.

If yous are struggling with money, and then your children volition understand and they will learn to appreciate the pocket-sized things you lot are able to give. If you are more comfortable and can beget to give them more, then you will notice yourself doing exactly that – despite the best intentions and strict budgeting.

Eighteen years is a long time, and you will inevitably experience both periods of difficulty and (hopefully) times of financial stability. Adapting is key and making sure you don't concur yourself to an impossible standard will make sure that you come out of the other stop solvent!

Effort to avoid:

• Taking on unnecessary debt to fulfil a child's wants rather than their needs

• Caving in to go along upwards with friends, neighbours or advertisement

• Living beyond your means

Nosotros all want to give our children the best nosotros can manage, just be realistic and say no when no is the right answer.

Other financial products worth considering

At Compare UK Quotes we offer comprehensive financial advice across a range of products and strongly believe that preparing and keeping a close middle on your personal finances is of import. Some things to consider when y'all have children are:

Life insurance

Whether you rent or have a mortgage, life insurance is a valuable production that volition protect your children should the very worst happen and secure their home and comfort after your death. The average life insurance cost in the UK is lower than virtually people suspect and affordable for almost every household. Why not have a read through our life insurance articles and run across what'due south right for you and your family unit?

Savings

If you lot tin put a little bit aside each month, you can assistance secure your children'due south future should annihilation go wrong. For information on savings and interest rates, have a wait at our library of articles here.

Home insurance

If you don't already accept home insurance then you should consider it – it works out at just a few pounds per calendar month and can make the difference between losing everything and beingness mildly inconvenienced when disaster strikes.

Find more home insurance advice in Compare United kingdom of great britain and northern ireland Quotes' articles here.

Car leasing

Non just for the wealthy or businessmen, auto leasing provides a toll effective way to keep a automobile on the road within a tight upkeep. Through leasing, you never accept any worries regarding repairs and have the enjoyment of a brand-new family car on a stable monthly contract. Far better (and cheaper) than trying to keep an quondam banger on the road!

Read more than nigh car leasing here or visit Consummate Leasing for some of the best car leasing deals in the UK – Compare United kingdom Quotes highly recommends them!

App-based banking company accounts

Keeping an eye on your credit throughout your child'due south life (and yours!) will help you keep your finances under command and make sure you never autumn into the dreaded spiral of debt .

Employ services like Check My File to keep on top of your credit score and utilise the modern budgeting features of many phone-based cyberbanking apps to manage your monthly money.

Personal financial advice with Compare Britain Quotes

Knowing what the cost is of raising a kid to eighteen is just the beginning, simply this guide volition help you plan and hopefully, you'll become it all correct!

Hither at Compare UK Quotes, we accept a massive library of helpful personal finance articles to make certain that remains the instance. Why non take the time to read through our guides and make sure your money is put to the very best use!

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Source: https://www.compareukquotes.com/money-saving/everyday-money/cost-to-raise-a-child-in-the-uk

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