Does the cost of raising kids keep you awake at night too?

Feb 24 • Featured, Saving Tips, Uncategorized • 1463 Views • 6 Comments on Does the cost of raising kids keep you awake at night too?

We love them to bits of course but unless your surname is Trump, raising children is very expensive. In fact, according to a new survey from LV, it now costs £210k from 0 to 21 (including childcare and uni fees).

If you have more than one child, that’s… well, an awful lot of money.

According to the survey, 78% of us are now feeling the pinch and making cutbacks to raise our families. The impact of the loss of child benefit is also starting to take its toll.

Among my mum friends, I can’t think of anyone right now who hasn’t had more than one sleepless night worrying about nursery fees, paying for extras like school trips or even school uniform, or how they’re going to afford to send their kids to college.

My top tip would be to join KidStart, so at least you earn money for your kids every time you shop, and to start saving for their future (especially uni) as soon as you can. But of course that’s not always easy, particularly if you’re on a tight budget with little to spare.

So does the cost of raising kids keep you awake at night, too? Are children a luxury? And how are you saving for your kids?

I’d love to hear your views.

written by Liz Jarvis

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6 Responses to Does the cost of raising kids keep you awake at night too?

  1. Becky says:

    I’m trying to be more creative with the kids and cut back even more on what I spend. Usually at half term we go tot he cinemas. Its £20 normally so instead we got blankies home made popcorn and a £1 dvd form Blockbusters. Had fab time. We have also been on long nature rambles, made a minaiture garden on a tray, baked and painted. I’ve said no to joining friends at a theme park and soft play. …and it’s okay. We’ve had a lovely time. Being poor makes you creative!

  2. Linda says:

    Yes, it keeps me awake at night – don’t forget those of us blessed with more than one at once, that’s double/triple the headache!

  3. AdeleJK says:

    We’re watching the pennies for our first baby. That’s meant eating less meat (we cook lots of dhal & rice, vegetable curries, saltfish etc), exchanging dinner dates for coffee dates and cleaning the house with soda bicarbonate and vinegar. In terms of kid’s stuff, we raided the NCT nearly new sale, made good use of gumtree and I’ve gotten my maternity clothes from charity shops and clothes swaps.

  4. Lols Thomas says:

    I was thinking about this yesterday! But I was starting to worry about things that we wouldn’t ‘normally’ pay for. With all the potential changes to health services, I spent a good 30 mins trying to work out how much I might end up needing to save/spend on future dental care for my two children! I’m not taking anything for granted anymore 🙁 I buy most of my kids basic clothes off eBay now; they grow so fast I resent spending a fortune on brand new things! While they’re young (and don’t know or care) getting as much second-hand as possible seems practical. I suppose this might help towards savings of about £5k out of that £210k…. which is hardly a dent is it??? Hey-ho, save what we can where we can I guess.

  5. Tattie Weasle says:

    It is scary – and just when I thought we could splash out a little we are back to where we were – but a lot of things are NOT necessary and I learn to live with that. So no two weeks abroad in the sun, second hand clothes (vintage darling!) and cooking from scratch – it does work!

  6. Liz (LivingwithKids) says:

    Hannah, I’ve check out this site and they dont’ offer 100% cashback – which if you think about it would be impossible anyway – they offer 3% etc.

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