Cost Of Raising Children Increases To Nearly £87,000, (And That's Just for The First 11 Years)

Cost Of Raising Kids Increases To Nearly £87,000

The cost of raising children up to the age of 11 is now nearly £87,000, which is equivalent to £650 a month, according to a new study.

Halifax's annual 'Cost Of Children' review revealed new parents will spend almost £10,000 in their child's first year.

In following years childcare is the biggest expenditure at £3,840 a year on average. Other major expenses include food (£960 per year), holidays (£748) and school supplies (£511).

Just over half (51%) of parents said they had to cut back on going out and socialising when they had kids.

Commenting on the results, Siobhan Freegard, founder of Channel Mum told HuffPost UK Parents: "Yes, children cost money, but they are priceless too.

"As this survey shows, childcare continues to bite the biggest chunk out of parents cash as most mums now need to work to make ends meet."

The cost of raising children had increased by £3,315.84 (4%) from last year's figures.

Halifax also found raising children gets cheaper as they grow up, as from ages five to eight the annual costs fall from almost £10,000 to £6,203 a year.

Average monthly cost of raising a child across all ages in 2015:

Food - £80.33

Schooling - £42.65

Holidays - £62.38

Clothes - £39.95

Toys - £26.66

Leisure and hobbies - £42.02

Furniture - £21.87

Personal care - £22.26

Childcare - £320.54

Total: £658.66

Annual cost: £7,903.92

Total cost for 11 years: £86,943.12

The cost for London parents was £122,498 on average, but for those in Wales and West England it dropped to £76,601.

Freegard added: "Many of the items on the list like baby classes and toddler clubs aren’t always essential as you can find cheaper community-run alternatives or set up your own with other local mums.

"Lots of families also find creative ways to take cheaper holidays or pass on second hand toys to keep costs down.

"So don’t let these figures put you off having kids. Despite the expense, children enrich your life more than money in the bank ever could."

Giles Martin, head of Halifax Savings said, according to ITV News: "Having children is a huge commitment, both financially and emotionally.

"With unexpected costs along the way for the majority of families, it’s important to be realistic about how much things are going to cost and how much can be saved to meet the future needs of a growing family."

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