Research has revealed that new parents can expect to spend more than £500 in the first weeks of their baby’s life.
The study, which was conducted by Myvouchercodes.co.uk, asked 1,104 parents of children aged 1 and under to find out how their finances were affected when welcoming their little one to the world.
Participants were asked how much they spent on newborn essentials such as nappies, clothing and feeding equipment in the first month of their baby’s life – and the results show that the first month with a newborn is an expensive one!
So how much will your bundle of joy set you back? According to the research, parents spend an average of £23.52 on nappies, £243 on clothing, £53.51 on feeding equipment and £183.51 on other purchases like toys and furniture in the first month of their baby’s life alone – making the average cost of a baby’s first month £503.27!
Parents were also asked if they thought they were prepared for the expense and a huge 64% said they weren’t!
Mark Pearson, chairman of Myvouchercodes.co.uk, said: ‘It is a well known fact that babies are expensive and that parents have to spend a great deal of money when preparing for their new arrival. However, we thought it would be interesting to investigate further and look more specifically into the first month after their baby’s arrival, when everything you’ve prepared for financially becomes a reality!’
‘Some costs are unavoidable, like nappies and feeding equipment, but it’s always worth parents searching for discounts before they buy,’ said Pearson.
Tell us: how much money do you think you spent on your little one?