A new survey by Legal & General Retail Protection has found that new mums underestimate the cost of raising a child by as much as 59%. Figures from the 2013 Value of a Parent report has found that the average cost of raising a child is currently £8,580, which is £3,180 more than new mums expected.
Areas where new mums tend to underestimate costs are around food and expenses ranging from childcare to transport. This doesn’t surprise me because when I was a new mum my costings only revolved around baby equipment, and clothes. For some reason I forgot that tiny kids need a host of other things too like childcare and nappies! Even now with a 6 year old and a 3 year old I constantly wonder why my food bill is so high (er..because there are now 4 of us eating 3 meals a day) and why everything costs so much (again there are 4 of us).
In my head I still think of my kids as little things that don’t eat much or use very much and so don’t cost very much. Of course the reality is they have whopping appetites, grow out of their clothes and shoes weekly and have constant needs for cash for school dinners, school trips, books, etc.
In many ways I think all of us parents underestimate how much kids cost, simply because to acknowledge how much we have to spend is frightening. But how about you? Are you shocked by how much your kids cost? Let us know.