The true cost of having children

According to The child Poverty Action Group, the cost of having a child is over £150,000 for a couple and over £200,000 for a lone parent, but aside from the costs of childcare, which will likely contribute a lot to those figures, there are some other unexpected and hidden costs that parents spend out on, which can make the true cost of having children more than expected.


Pre-children you will have ensured that you have your home insured, but it is worth checking what it covers, because you will find stains on the carpet, there may be accidental flooding, things broken….there are lots of scenarios that could happen, so it is best to make sure that you are covered.

Along with checking your house insurance, something which is often not thought of is taking out family insurance. Companies like Cover my Bubble, offer fantastic cover care on ensuring you are covered while you are pregnant, right through to kids life cover, cover if your partner passes away, and income protection and critical illness cover.

Increased bills

You can be as energy savvy as you like, but all those lights on in the middle of the night, the earlier mornings and the extra loads of washing and drying all add up and the cost of running your home increases.

There are ways to save on your bills though, by shopping around and doing things like the washing when energy is cheaper, making sure your house is well insulated and remembering to switch off appliances at the socket when they are not in use. To keep the cost of your shopping down, check out our tips here.

Special occasions

Birthday parties can be an expensive gig and the pressure to make sure that your child has the best time celebrating can lead to you spending hundreds of pounds. Of course, you don’t need to spend a fortune on a party, but particularly once your child starts school, you will find that your child is attending a birthday party almost every weekend and needing to buy a present to take along – all of which can take a chunk out of your monthly budget.

And, it’s not just birthdays which will be an extra cost, there is Christmas and Easter to also take into consideration, because as much as Father Christmas and the Easter Bunny like to take the credit for all the presents and sweet treats, they are not the ones footing the bill!


Right from before giving birth there are classes and groups you may want to attend. They may be necessary to ensure that you feel prepared for your baby’s arrival, but they don’t come cheap.

Once baby arrives, there are lots of different groups and classes you can attend and as your child gets older, the groups, classes and clubs increase. From life skills lessons such as swimming, to sports clubs, social clubs like Girl Guiding and Scouts, and music lessons, your budget is set to take a bashing.


You will find your admin notches up a gear when your child starts school, and a lot of it will be asking for money. From shelling out for school trips, to bake sales and school fates, there are PTfA events, mufti days, school dinners and uniform and equipment – there is always something to spend out on, so factoring this into your weekly or monthly budget is essential.

Pocket money

With debt a huge problem for many adults, ensuring our children are financially savvy is important, and one of the best ways of doing this is by giving them pocket money, so they learn how to spend wisely, budget and save.

Children as young as 4 years old can start having pocket money, but it is up to you how much you give and if they have to ‘earn’ it. It is also up to you how you think your child spend their money, but do allow them to have some say, as this is how they will learn.

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