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You’ll be amazed how much you spend on your kids

Worried about how much you spend on your kids? We've got three tips to keep your spending on track.

Any mum or dad - or any friends of a parent - will know bringing up a baby and toddler can be tough but rewarding work, particularly in the early years.

But with all the sleepless nights you’re probably too busy to really think about how much money you're spending.

The average cost of raising a child until their fifth birthday is a staggering £35,000, according to a survey by Aviva released today.

It seems a huge amount, but everything from baby classes and toys to nappies and school equipment can quickly add up.

Unsurprisingly, the survey found childcare to be the biggest cost for families, with essential equipment, clothes and trips out not far behind. 

If you’re concerned about spending so much money, we’ve three tips you can follow to make sure it doesn’t become a problem.

Track what you spend

Whether you just write it down on a note pad or use an online budget planner, keeping a record of what you spend and how much it adds up to, will help you make sure you don’t spend more than you can afford.

You might also pick up on reoccurring expenses which you don’t really need, freeing up cash for savings or other essential spending.

 

Get all your benefits

You don’t have to be out of work to claim Child Benefit. As long as the child is under 16 years old or under 20 but still in full-time education (up to A-Level) you’re entitled to £20.70 a week, with an extra £13.70 for any further children.

Over five years, that’s £5,382 for one child – a big help with those big expenses.

If you or your partner earn over £50,000 a year, you’ll have to pay back some or all the benefit in tax.

Build a buffer and cover yourself

If you lose your job or are too ill to work, would you be able to afford the costs of your kids? If you can build up savings, that’s a great start, but if that’s not likely you could consider income protection insurance.

It’s also worth looking into life insurance and setting up a will to make sure your children are provided for if the worst was to happen.

How does your spending compare? Let us know in the comments below

 

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  • Chris / 15 June 2015

    I love receiving the Money Advice Service emails and using the www.moneyadviceservice.org.uk website, you make everything I need to know about my finances and money concerns easy to understand, giving me lots of information in bite sized chunks that are easy to read and take in.