Do you feel as though you’ve had less and less disposable income every month since becoming a parent? You could be right.
If you’re a parent, you could be forking out as much as £313 per month on essentials for your little darling.
According to research from Santander, the average parent spends this amount on items such as food and drink, entertainment and babysitting. Over the course of a year, this expenditure equates to £3,762, which is more than 14% of the average Brits’ £26,100 salary.
If you already have children, you might want to stop reading now as the statistics are about to become even more alarming. During the course of 18 years, the average parent will spend £67,700 per child. Scarier still: this astronomical figure doesn’t factor in the cost of university.
Regional variations
Like almost everything else, the North/South divide comes into force with essential childcare costs. According to the data, the average parent in the South is spending £4,163 compared with a slightly more modest (though still pretty painful) £3,275 in the North.
The cost of food and drink is at its highest in the capital with typical spending of £106.30 and Londoners are also spending £50 per month on their child’s transport.
When it comes to activities, Scots are most generous and spend £52.20 per month compared with £30.90 in the North.
Cost of children essentials per month and year
| London | Rest of South | Midlands, Wales | North | Scotland | Average | |
| Food and drink | £106.30 | £89.70 | £84.70 | £89.50 | £99.00 | £91.50 |
| Entertainment | £33.50 | £29.40 | £30.30 | £30.10 | £39.10 | £31.20 |
| Toys and gifts | £23.30 | £22.90 | £21.60 | £23.10 | £24.00 | £22.90 |
| Holidays | £65.40 | £65.00 | £59.90 | £49.00 | £44.60 | £58.10 |
| Activities | £37.10 | £39.10 | £36.70 | £30.90 | £52.20 | £37.40 |
| Transportation | £50.00 | £35.40 | £32.80 | £35.60 | £44.80 | £37.10 |
| Babysitting | £17.90 | £65.40 | £36.10 | £14.70 | £47.80 | £35.30 |
| Monthly totals | £333.50 | £346.90 | £301.80 | £272.90 | £351.50 | £313.50 |
| Annual totals | £4,002 | £4,163 | £3,625 | £3,275 | £4,218 | £3,762 |
Source: Santander
So, how can parents cut costs if they’re struggling to cope with these monthly expenses?
Wise up to supermarket tricks
Wherever you live in the UK, food is the biggest expense for families and the average parent spends £91.50 on feeding their child per month.
Whenever you head to the supermarket, remember the main goal of most retailers: to tempt you to hand over as much of your money as possible.
Be wary of any two-for-one deals or other special offers, don’t be persuaded to buy more than you’ll actually use and try not to give into nagging for treats if you take your kids with you.
To learn more, check out What supermarkets don’t want you to know and Stop wasting £680 a year on food.
Check your benefits
Even if you’re working, you might still be able to claim some form of state benefits, such as tax credit or child benefit. If you believe you may be entitled to benefits you’re not already receiving, try consulting an online state benefit checker.
Teaching kids the value of money
Educating your children about money management while they’re young might help them avoid common financial pitfalls in adulthood.
According to an encouraging piece of research from Halifax, some 63% of children between the ages of eight and 15 perform household chores in order to boost their income.
As soon as your kids have put some cash aside, you could encourage them to open a savings account and explain about the benefits of earning interest.
A number of banks and building societies allow you to put parental controls on the account until the child is old enough to manage their own money, which would come in handy if you’re worried about you child blowing the whole lot in one weekend.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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