Have you ever wondered how much money you spend on your children over the years?
To date the cost of raising a child is at £231,843 which is more than an average house. This is from the age when they were born up to the age of 21. It takes up more than a third (38%) of the average UK household’s net income.
Childcare costs are the highest here and it increased by 4,3% over the last year.
The most expensive years are between the age of one and four, with the cost of childcare and babysitting when needed. This is one of the reasons why 6 out of 10 ask their friends and family to help out which keeps the cost down.
Personally I have never even thought of the costs, how much money I spend on my little ones. They get treats and presents every now and then so I don’t really have a budget set on them. The only thing we did do, is the child benefit is going into my own account. That money is going towards their clothes and nappies. Soon though we are going to set it up as a savings account.
| AGE | COST: 2016 | % INCREASE FROM 2015 |
| First year | £11,498 | 2.4% |
| Years 1 to 4 | £63,224 | 3.5% |
| Years 5 to 10 | £48,479 | 0.0% |
| Years 11 to 17 | £55,197 | 0.2% |
| Years 18 to 21 | £53,445 | 0.1% |
| Total | £231,843 | 2.2% |
Cost of a Child by the team at LV=
