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Costs of Raising a Child

Raising a child can be quite costly. A couple raising a child from 0-18 today, will cost around £155,200, whereas a single parent would spend around £187,000 on their child. These costs include, housing, childcare, transport, food, clothing and various other essentials.

If both parents worked full time and earn the “national living wage”, they will still be 13% short of what they would need to raise their child and a lone parent would be 18% short.

Benefit Changes

For families on benefits, a couple would be 42% short and a single parent would be 40% short and recent changes to benefits has put an even larger strain on parents when it comes to raising their children. Whether they are in or out of work.

An example of this is the cutting of the “family element” of Child Tax Credit. This has left parents with a loss of £53.20 per week for a third or any subsequent children born after 6 April this year – that’s 59% of the cost of a third child.

Average Spending on Your Child

Raising children can be expensive, and sometimes makes it harder to manage your money. We’ve collated a range of essentials that will cost you throughout raising your child based on their life stage

Baby 0-18 months (Total over 12 months)

  • Nappies – £260.89
  • Childcare – £6000.40
  • Food – £1,043.50
  • Clothing – £480.00
  • Books – £240.00
  • Toys – £540.00
  • Nursery Furniture – £500.00
  • Other Equipment – £300.00

Toddler – 1-3 years (over a 3 year period)

  • Nappies –  £1,252.20
  • Childcare – £23,636.00
  • Food – £6,200.00
  • Clothing – £2,952.00
  • Book – £900.00
  • Toys – £600.00
  • Nursery Furniture – £660.00
  • Other – £1,140.00

Child – 4-12 years

  • School fees – £0.00
  • Childcare – £70, 909.20
  • Food – £23,500.00
  • Clothing – £8,650
  • Books – £1080.00
  • Toys – £3,240.00
  • Pocket Money – £2,347.00
  • Technology – £1,611.00

Teenager – 13-17 years

  • School fees – £0.00
  • Transport – £3,000.00
  • Food – £15,653.00
  • Clothing – £7, 200.00
  • Books – £600.00
  • Toys – £3,000.00
  • Pocket Money – £2,608.00
  • Technology – £1,750.00

Raising children will most definitely put a dint in your bank account! From a child aged 0-17, the national overall average cost on raising a child is £192,187.00!

Providing for your Child’s Future

As well as considering and looking at the costs of raising a child their are other important matters to consider. What schools will they go to, financial planning for their future, e.g. university, as well as putting plans in place to take care of them if anything happens to you.

One of the most important things to take care of when you have had a child, is not just about making sure their financially secure through your will, it’s about who is going to look after them. If you don’t have a will you wont get to decide who looks after your children if you die.

How Wise Owl Wills Can Help

Wise Owl Wills provides a smart, online will writing services start at just £35.99 including VAT for a single will, and only £47.99 including VAT for a 2-person mirror will. This means that when writing your will, you and your other half can create a mirror will with the same wishes as one another which will be effective when choosing a guardian to look after your children.

Also, solicitors can be pretty expensive, so using our online will making kit is a much more cost-effective way of securing a legal document to protect your assets and possessions for the future. So you don’t have to worry about cutting short on money that can be used on your children and Wise Owl Wills works on any device too, including your phone, so you can make a start anytime you want for your complete convenience.

So what are you waiting for? With our cost of writing a Wise Owl will at such a fantastically low rate, and such a simple process too, it’s clear to see it’s the wise decision in doing a will online. It is a cost-effective and secure way to secure your children’s future with a Wise Owl will.

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