If you’re planning to have children, you need to know what to expect. While most parents talk about the reduced sleeping hours – and you will truly have to function on two or three hours a night in the beginning – not everybody is completely honest about the costs inherent to raising a child. Bringing up a child in the UK costs more than the average home, according to the Centre for Economics and Business Research.
Ultimately, as a parent, you need to be prepared for a cost of over £230,000, which includes childcare and education until the age of 21. If you compare in terms of household budget, proportionally a British household will spend nearly 40% of their net incomes on raising a child. Of course, the more children you have, the more expensive it’ll be – although, thankfully, one household with two children spends less than two households with one child each.
Unsurprisingly, the costs vary depending on where you live in the UK. However, you’ll still be paying well over £200,000 to bring up a child everywhere in the country.
In other words, there’s no secret to cut down the expenses. But there are ways to maximise frugal living to make sure that you don’t break the bank!