Baby cost calculator: Can you afford to start a family?

Are any of you worrying about the cost of starting a family? It is a common worry for potential new parent families. The feeling of having your first child is priceless, however there are lots of costs to consider alongside that.

The average cost of raising a child in the UK is around £230,000 up until they turn 21 which is a huge amount of money. The first year alone will cost around £11,000. And It’s not set to get any cheaper as parenting costs have risen a massive 65 percent since 2003.

According to research conducted by the Centre for Economic and Business Research you will spend around £19,000 on food, £9,000 on hobbies and toys, £70,000 on childcare and a massive £74,000 on uniform, text books and packed lunches.

If you feel like you are going to need some help with managing your finances, then Natwest have created a cost of raising a child calculator so you can make an accurate plan for your spending.

The findings have shown that six out of ten parents struggled to manage their outgoings. The majority of parents also admitted that they did not have a backup plan in place if they were to lose their main source of income suddenly.

CLICK HERE to use the child cost calculator.