The average cost of raising a child to the age of 21 is not a figure to be trifled with, as it amounts to hundreds of thousands of pounds (£231,843 if you want to be exact) and heavily impacts on the lifestyle of a family, who only want the best for their little one.
Debt management service PayPlan have created a clever interactive guide that breaks down the costs per year for parents and sheds some light on the most expensive items kids need – some of these might surprise you!
The team behind the guide have discovered that childcare is a major cost, amounting to an eye watering £115 a week for part time care and an even more incredible £212 a week full time. However once your child reaches school age these costs are dramatically cut and replaced with the need for school uniform – that can amount to £215 a year – and school lunches that could cost £277 annually. While these costs won’t hit so hard at the time of payment, when you round everything up it can be a huge shock for parents who hadn’t considered the monthly/yearly amounts.
This is why it’s so important to ensure every penny you are owed makes its way to you – this means child maintenance payments, Government grants and child benefits that can all help lighten the financial load that comes with raising children and ensuring they have everything they need to grow up healthy and happy.
Click here and take a look at the interactive guide to discover for yourself how much your kids could cost you each year but remember, once they reach the age of 21 they might just be returning the favour with lunches out and shopping trips at the weekend – maybe!