Common Childcare Costs You Should Be Prepared For

Disclosure: This is a collaborative post

Welcoming your first baby into your home is a big deal, and there is a lot of emotional and medical concerns that often take precedence before you start worrying about the cost. People everywhere from all sorts of financial backgrounds make it work, after all, and there are benefits and government support available for you if you cannot afford all of the costs yourself.

However, knowing there is support is entirely different from being prepared for the costs of raising a child. In the UK, the lifetime cost of raising a child (between birth until they are 18) is on average £185,000 for single parents and £151,000 for couples. The cost discrepancy between singles and couples is often due to the need for extra support.

Childcare

The cost of childcare has skyrocketed, and in many places, has risen 4x faster than wages in England. For families who are struggling do know that there is tax-free childcare in the UK. This program puts £2 towards childcare from the government for every £8 of your own money.

Education

Even if your child’s school goes to is entirely publicly funded, there are many ongoing costs you need to be aware of. Uniform costs, books, supplies, and that is the basics for many children.

If you home educate then you don’t need to pay for the above items, but you don’t get any financial support for education.  Any supplies you need will have to be bought out of your own pocket.

Clothes

Kids grow up, and they can grow fast. On average, you can expect to spend around £16,000 on clothing between when they are born and when they are 18. Thankfully, there are ways to save money, including buying second-hand or sharing clothes with friends and family. This is particularly useful for very young children, who grow up very fast and do not wear clothes out.

Food

Growing kids need a lot of fuel, and not just any food is going to cut it. Foods that are rich in nutrition are a must, which for many can feel quite costly. Thankfully there are many ways to cut down on costs and feed your family well.

Household

The Office of National Statistics estimates that an average household spends around £550 per week, with transportation often the largest bulk of those expenses. However, this overall

household spending does include food, so there is definite wiggle room to help you reduce your spending. If you need funds in an emergency, there is also the option to take out a quick loan to cover unexpected costs when they arise.

Extras

Birthday costs, pocket money, interests, and hobbies, a trip with the family – all of these cost. A good way to afford them is to set aside a specific savings fund just for these costs. If you can earn interest, then you are earning just that much more you can spend on fun, exciting things. However, in most cases, just putting away money like this can help you keep that money separate, so you can treat your kids even if it is just a little bit throughout the year, or save it for a special occasion.