Whitestep is a company specialising in cool and innovative baby and children’s products. They have recently undertaken some research around parenting expectations and they have found that 80% of British adults underestimate the cost of raising a child under five.
I am not at all surprised.
I would most definitely have fallen into this category. I had no clue what impact having a baby would have on my finances. I never went back to work which of course cost us a great deal! And really everything cost more than I expected it too. I learned about baby budgeting through experience rather than pre-planning!
I certainly got through a couple of prams!
I never used any paid for child care but I have lots of friends who did and they were truly shocked at how much it cost them.
And what about savings? As soon as my two were born I started worrying about how on earth I would pay for them to go to uni. (9k per child per year!!!) I think we need to move to Germany.
I think the one thing I really underestimated was activities. My kids did so many activities until the day I sat down and worked out quite what I was spending on them. Then we dropped a few! Activity costs can soon mount up if you don’t keep a tally.
Spending on equipment and kitting the nursery out could also have cost me a fortune especially if I had followed the advice of the endless magazines I bought. But we were sensible and we were also very lucky had a lot of help from family.
What about you? Did you find raising a child under five WAY more expensive than you anticipated? Whitestep decided to create a quiz-style questionnaire to see how your answers about parental expectations compare to the actual results (shown at the end of the quiz.)
You must pop over and have a go at this its enlightening!