Today LV published their annual breakdown of how much it costs to raise a child.
So how much is it?
Well apparently the answer is over £210,000! While existing parents will no doubt say ‘I’m not surprised’, I expect many soon-to-be parents are scrapping themselves off the floor.
The table below breaks down this jaw-dropping figure and even compares today’s figures to those of 2003, when LV began the exercise.
But hey, it’s only money right?!
| Expenditure | Total cost in December 2010 | Total cost in December 2009 | Total cost in 2003 (1st year of the report) |
|---|---|---|---|
| Childcare & Babysitting | £67,430 | £65,699 | £39,613 |
| Education | £55,660 | £52,881 | £32,593 |
| Food | £18,518 | £17,490 | £14,918 |
| Clothing | £15,683 | £14,035 | £11,360 |
| Holidays | £14,052 | £13,207 | £11,458 |
| Babysitting | £11,293 | £11,003 | £6,760 |
| Hobbies & toys | £10,565 | £10,780 | £8,861 |
| Leisure & recreation | £8,147 | £7,772 | £6,366 |
| Pocket money | £4,543 | £4,338 | £3,386 |
| Furniture | £2,798 | £2,770 | £2,074 |
| Personal care | £1,164 | £1,107 | £925 |
| Other (includes driving lessons, first car, birthday and Christmas presents) | £12,287 | £11,731 | £8,845 |
| TOTAL | £210,848 | £201,809 | £140,398 |
For more details visit LV’s website.
How to save and invest for your child's future
Well this is a timely reminder of the importance of saving for your child's future. For the complete low down on your options, and their pros and cons, then read my article How to save and invest for your child's future.
