Infographic: What is the cost of raising a child ?

Take a little look below it’s shocking! May I suggest if you think you will spend 10k in your babys first year you need to visit Baby Budgteing a bit more often!

Check out how much prices have changed over the last 10 years….

Having children has never been more expensive, with the cost of bringing up a child until he or she is 21 at an all-time high of £222,458. This is more than £4,000 up on last year and  £82,000 (58%) more than ten years ago, when the first annual Cost of a Child Report [1] from protection specialist LV= was published.

 

Education and childcare remains the biggest expense. The cost of education* (including uniforms, after school clubs and university costs) has shot up from £32,593 to £72,832 per child in the last ten years – a 124% increase. Childcare costs have also rocketed from £39,613 in 2003 to £63,738 today – a 61% increase.

From birth to 21, parents spend an average of £19,270 on food and £16,195 on holidays – which now cost 4% more than last year. In fact, in the last decade, costs have risen in all areas of expenditure apart from clothing, which has seen a 5% drop.

Category

 2003

 2012

 2013

% difference from last year

% difference from 2003

Education*

£32,593

£71,780

£72,832

1.5%

123.5%

Childcare & babysitting

£39,613

£62,099

£63,738

2.6%

60.9%

Food

£14,918

£18,667

£19,270

3.2%

29.2%

Clothing

£11,360

£10,781

£10,770

-0.1%

-5.2%

Holidays

£11,458

£15,532

£16,195

4.3%

41.3%

Hobbies & toys

£8,861

£9,248

£9,316

0.7%

5.1%

Leisure and Recreation

£6,366

£7,303

£7,353

0.7%

15.5%

Pocket money

£3,386

£4,337

£4,458

2.8%

31.6%

Furniture

£2,074

£3,373

£3,462

2.6%

66.9%

Personal

£925

£1,143

£1,155

1.0%

24.9%

Other

£8,845

£13,761

£13,909

1.1%

57.3%

Total

£140,398

£218,024

£222,458

2.0%

58.4%

 

Source: LV=’s annual Cost of a Child Report  – released today

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