1 min Read
23 Feb 2010

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

More about Damien

How much does it cost to raise a child?

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 £200,000! 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 £

Dec 2009 costs

Jan 2009 costs

2003 costs (1st year of survey)

Childcare £54,696 £53,818 £32,853
Education £52,881 £50,240 £32,593
Food £17,490 £17,205 £14,918
Clothing £14,035 £13,281 £11,360
Holidays £13,207 £11,920 £11,458
Babysitting £11,003 £10,826 £6,760
Hobbies and Toys £10,780 £10,313 £8,861
Leisure and Recreation £7,772 £7,415 £6,366
Pocket Money £4,338 £4,144 £3,386
Furniture £2,770 £2,366 £2,074
Personal £1,107 £1,037 £925
Other (includes driving lessons, first car, birthday and Christmas presents) £11,731 £11,207 £8,845
Total £201,809 £193,772 £140,398

For more details visit LV's website here.

(As an aside, don't forget to claim your free £190 'Health in Pregnancy Grant' if you are an expectant mother. Click here for more info.)

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