We all know having a baby is very expensive – and comes just at a time when you have to stop working. A new survey by our sister title, Prima Baby & Pregnancy magazine, has revealed exactly how expensive.
New parents spend an average of £2,665 on baby items during pregnancy and the first year after birth. And the worst part is that we’re not prepared for the cost. More than 37% of parents spend more than they’d budgeted for.
So what are we spending the money on?
- 43% spend most on their buggy
- 21% spend most on nappies
- 11% spend most on clothes
And that gives us money worries
These money pressures are the reason so many of us have to go back to work after having babies. The survey shows two thirds of mums feel they have to return to work because they need the money. And 19% of new parents work extra hours just to make ends meet.
Coinciding with this survey, a new report from Child Poverty Action Group (CPAG) shows that the basic cost of raising a child for a couple is £88.84 a month. Add in childcare, rent and council tax costs, and that figure rises to £164.19 – a 7.7% rise since 2012.
The numbers are even worse for single parents, who face a basic cost of £103.53 a week, which rises to £184.50 with childcare, rent and council tax costs included. This is an increase of 11.4% in 2 years.
It’s clear evidence, says the author of The Cost of a Child 2014 report, Donald Hirsch, that families have found it harder and harder to make ends meet.
The report concludes that couples earning the national minimum earn 18% less than the basic amount needed to provide a minimum standard of living.
“Parents are still struggling financially despite the recent upturn in the economy,” says Kelly Beswick, Prima Baby & Pregnancy Editor. “It shows that in a period when new parents should be enjoying their newborns many have financial worries and have to work additional hours.”
The new Money issue of Prima Baby & Pregnancy is out now and includes how to get the top 10 baby essentials for just £720 plus a free copy of In the Night Garden Magazine.