To know how much it costs to raise children?

[smileygrapefruit]

I've googled and seen the statistic is something like £230000 per kid up to age 21. AIBU to think it can be done much, much cheaper than this? At present we only need to use a childminder 10 hours a week as DH and I work opposite times, different days off iyswim, so I appreciate that makes a big difference . We have been given lots of toys/clothes and anything we need to buy I get second hand or in the sales. For birthday/Xmas presents I shop around and keep the budget low (although I appreciate this will increase as children age). I shop in Aldi and asda managing to keep the weekly shop under £80p/w inc nappies etc. Basically the kids really don't cost much at all... yet! We are not rich at all but at the moment living this way we have enough left over to have days/meals out every now and then without worrying. I'd really like to know how much it really costs once they start school, assuming I continue all the above?

Thread title should say: to want to know!!

It's an average, so of course some people do it for less and some (e.g. in private schools) spend more.
But it does add up to more than you'd think. Your childminder, even for 10 hours a week, is presumably £2-3K a year. Plus it doesn't sound like you both work full time, so factor in lost earnings (both now and during may leave). Plus may be bigger house, bigger car than you may have had otherwise. Bigger energy bills with all the washing. Teenagers eat tonnes. Etc, etc.

If you specifically mean what happens when they start school, though, that won't necessarily be a big rise in costs itself (although uniform may well cost more than the clothes you are currently buying). But then there will be trips, school lunches, parties, clubs, requests for toys/clothes/etc that their friends have...

We've done it very cheaply. Home grown food, hand me downs, childcare swaps, home haircuts, camping holidays. Lots of wild back to nature activities and picnics at weekends.

Well, it soon adds up and I'm guessing that figure is based on some key assumptions about housing, holidays, extra-curricular activities etc. Even paying £200 more per month rent/mortgage/utilities would cost over £50k over 21 years.

For some families there will be loss of earnings if a parent works part-time or sacrifices some career opportunities in favour of the family. Easily another £50k over 10 years.

What they don't account for is all the things you might do if you had the cash and didn't have children - e.g. meals out and long haul holidays

Childcare is the killer.

Far far far less here BUT I've stopped working so that's really hit!

That still is a cost, giraffe.

Childcare is currently £2000 a year. 4 yr old funded, toddler full price and baby still with me. Plan on keeping youngest with me until toddler receives 3yr funding so that cost shouldn't change dramatically.
We do both work pretty much full time (husband 55+ hours and I do about 30 self employed).
I guess what I'm trying to figure out is how much more they are going to cost week to week, month to month over the next 10 years or so. Could anyone put a monthly figure on what school costs? Uniform, meals, trips, anything I haven't even considered!!

Having gone part time and now I don't have the time/energy to seek pay increases and/or promotion. Increased heating and washing costs, more convince activities e.g. Putting the tumble drier on or buying prepared as there is not enough time to do it myself as toddler eats early.

Cost of clothes, my DD is 16 months and is in aged 2 to 3 as she is so tall.

Repair to house due to wear and tear.

Cost of larger house and car.

Supporting child through university.

For me the 2 biggies are :

Childcare (or loss in earnings)
Housing

We were in a 1 bed flat before DS1. We are now in a 2 bed flat with 2 DC and one day will need to move to a bigger flat.

Childcare is eye-watering.

Clothes can only be handed down when they're little. As they get bigger they often get worn out or the younger one doesn't want to wear them. Once they're teenagers, clothes and shoes will be very expensive.

Food gets more and more expensive. I'm sure my DSes will eat more than me and DH when they are teenagers.

We fly back to the UK at least once a year - DC = 2 extra seats, plus a bigger hire care, plus bigger accommodation.

And that's before sports, music lessons etc.

As they're counting it until age 21, there's also a lot of higher education costs in there too.

The biggest cost for me has been loss in earnings going PT so if you factor that in it's costing me £20k a year.

its possible to spend much less and possible to spend much more.
Depends on your priorities and financial situation.
We spend a lot on ours; activities, good food, holidays, but none of those are essential, though have improved their quality of life.

As you've asked for a figure, I'd say I spend about £100 per week on each of my Dds. Mostly on activities.

See, a lot of these big things aren't relevant to me: v. low childcare costs and I'm earning more now I've gone self employed than I was before, so from the feedback on here so far it looks like those are the biggest costs. My kids eat good food, do activities etc but admittedly we haven't had a holiday abroad since dc2 arrived, that would be a huge cost overall if done annually I suppose.

food. Mine have £15 a week each for school meals And then they come home and eat the contents of the fridge. My shopping bill is more than double what I would spend for just me.

Clubs and out of school activities. (Currently about £100 a month between the two of them)
Once they're older they're more aware about clothes and brands, Asda trackies just won't do.

Thanks arethere x posted

The cost of having a third is about $1 million (usd) for us. It's just brutal. The average number doesn't include loss of earnings. Childcare is insane. We have been spending $35k a year since 2012. We have another two years of this then it will drop to $15k a year until our youngest is 12. Youngest is 18 months old....

Wait until they hit the teen years. Childcare costs disappear but they cost a fortune in other ways - mens shoes from about age 12, full priced meals in a restaurant, classed as an adult for a holiday, they can go through a packet of cereal a day etc.

Well it CAN be done cheaper if you have family to do childcare, buy second hand clothes, cheap infrequent holidays and don't buy too much for birthdays/xmas.
Unfortunatley that doesn't work for everyone. My son was in nursery for 4 years and our final statement showed that over the years we have paid them 30k! Just in childcare!! The cost of nappies (6-10p x 5-8 changes a day x 365 x 2.5 yrs) would average around £4-500 alone and is a short lived but essential expense. Food/clothes/formula if using (plus bottles etc), cots/beds/furniture, clothes, school trips, holidays, toys, hobbies, uni......it is endless!

Don't most people just spend according to what they have?

There's no answer to your question, eg if you can afford new school unifrom you buy that, if not you look for second hand, ff you can't afford a holiday or new car then you don't have one, surely you just manage as best you can.

Is there a specific reason for asking - are you planning another child or to give up work? Id suggest saving now if you can and don't already and give your self a cushion for the future, who knows what that will hold.

I think these type of figures aldo factor in costs to society too such as how much their education, healthcare etc cost the taxpayers

I know they are going to get more expensive I'm just trying to work out by how much! We don't have any family at all for childcare, that's why me and DH basically pass like ships in the night most of the time, as we certainly couldn't afford full time childcare for 3. At the moment it's working very well for us, the kids want for nothing, they are happy, healthy children. I guess questions like this on here always get answers like how long is a piece of string because everyone's situations are so different.

Have you included things like needing a four bedroomed house (for three children) and what that would cost over a one bedroomed one (if it was just you and DH)? That is included usually in all the generic "rasing a child costs x" articles.

Nappies? Extra laundry/tumble drier loads? Extra food for child/ren?

sandy we are just planning for the future, including an imminent house move (definitely a big cost of having three!) and just trying to sort our finances a bit better so we can try to save more.

It's true most people spend what they can afford but I don't think that's generally the best attitude to have. If you save money where you can, but don't necessarily need to, then surely you have more money for the fun stuff?

£30k in childcare pre school. about 15k loss in earning annually for going p/t (DC has complex SN so I cannot go back full time ever). That's alone 330k without taking into account all the other things (food, bigger housing to have extra room, hols, birthday, therapy funded privately (NHS is a big letdown on that respect), birthdays, the loss of pension on my side etc). £230k looks very cheap to me.