Having a child is arguably one of the most rewarding and difficult things you’ll ever do in life. Parenting is no easy feat, and if you have more than one child, it becomes even more all-encompassing. But something people don’t always talk about is the cost of raising a child. Sure, parenting shouldn’t be based on whether you can afford it or not, but the reality is that raising a child isn’t cheap.
But just how much does it cost to raise a child in 2024 in the UK? We’ve gone ahead and broken down some of the key numbers and costs so you can get a better idea. The results may be shocking to read.
It’s Not Just You: The Costs of Raising a Child Have Increased
If you’re a parent who has ever complained that an item costs much more now than it did when you were a kid, you aren’t wrong. It’s normal for things to increase in cost over time, but you may be shocked to hear just how much they have risen.
Statistics show that here in the UK, the cost of raising a child over the past 10 years has increased by a rather alarming 75%. Everything has gone up in price associated with raising a child, but childcare costs make up the majority of this massive increase.
Childcare Costs Can Cut Into Your Income Quickly
The cost of childcare can be an eye-opener for those expecting their first child or currently searching for childcare for the first time. Childcare is more expensive for children under the age of two. The average yearly cost of childcare in this age group is £15,000. Once you add that total to the other costs of raising a young child, you’re looking at about £23,500 per year for the first couple of years.
Seeing these costs, it’s no wonder that many parents of young children often hope grandparents or other family members can help with childcare. Even if they can only offer a bit of help, it will still bring the costs down. These same statistics show that childcare uses more than half of UK residents’ average salary.
As Children Grow, So Does Their Appetite
It’s no secret that as kids grow, their appetite tends to keep up. Eventually, it can feel like they are eating around the clock, which means your grocery bill will take a beating.
Data show that the average weekly expenditure for food and drink for an adult in the UK in 2022 was £41.11. The cost will be lower for young kids, but tweens and teens are notorious for having large appetites.
Child Activities Are Important for Development but Come at a Cost
Parents are often well aware of how beneficial child activities can be. Whether your child ends up trying a few different activities or finds one they love and want to stick with, these will add up too.
You can try looking into free programmes at school, but that’s not always available. Purchasing lightly used sports equipment at a steep discount is another money-saving tip. It may also be necessary to limit your child to one activity at a time or per year.
The Child Raising Grand Total Will Leave Many Shocked
It’s one thing to break down the various costs and categories, but seeing the total is what’s truly shocking. For a couple in the UK to raise a child from birth to age 18, expect to spend about £220,000.
That’s not to say the costs end at age 18, either. For those kids planning to attend university, the average cost for home students is £9,250 per year, but it can be even more for those studying abroad. This is why so many financial advisors stress the importance of saving for an education from an early age.
Miscellaneous Expenses Also Need to Be Factored In
While we’ve covered some of the biggest costs, miscellaneous expenses still need to be factored in. These will vary based on your child’s age, interests, and needs, but it’s still important to add these to the costs of raising a child.
Miscellaneous expenses can include:
Clothing
Allowance/spending money
Tech items
Entertainment
Health care (anything that isn’t covered)
Personal care
Transportation fees
Raising a Child Is Financially Tougher for Single Parents
Now that we’ve covered the costs of raising a child, what about those who are doing it on their own? Single parents typically have a much heavier burden to carry, and a single full-time job may not cut it.
With inflation still lingering, the high costs of borrowing, and salaries that often lag behind the true cost of living, it’s not unusual for a single parent to need additional sources of income. That could mean a part-time job or freelancing to bring in extra money. Some also hope that a windfall from sources like casinos.com or the lotto could provide them with much-needed financial relief, but these are the exception rather than the norm.
As a single parent, one of the best tips is to embrace the art of budgeting. That means creating a realistic and strict budget that you stick to. There are plenty of apps, many of which are free, that allow you to seamlessly create a budget and even track expenses and bills in real-time. When creating the budget, you may also learn that there are specific areas where you could be saving money, allowing you to reallocate those funds to other categories.
It’s Not for the Financial Faint of Heart
The fact is that raising a child in the UK in 2024 is not for the financial faint of heart. It’s not about dissuading people from becoming parents; rather, it’s about being prepared and having a plan to ensure it’s affordable now and in the years to come.
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