The Main Expenses to Prepare for When Having a Child

Expenses to Prepare for When Having a Child


The cost of raising a child continues to increase (as does everything else), with some of the latest research claiming that raising a child from birth to age 11 can add up to around £60,000. A lot will depend on your circumstances and finances, but as many costs soon add up fast, this amount isn’t too surprising.

Whether you’re excited for the birth of your first child or are expecting a little brother or sister for  your existing children, these are the main expenses both expected and unexpected that you’ll need to prepare for.

Furniture and Infrastructure

You’ll need a cot of course, but then there’s everything else to fill your new child’s room. From a wardrobe to store their clothes to lamps, changing tables, accessories, painting the room and more, it won’t be cheap. Then there’s the more unexpected purchases of babyproofing items, like baby gates for the stairs, plug covers and more. If you’ve already had a child, then some items can be reused to cut the costs.


Babies grow incredibly quickly, which makes buying them clothes quite inefficient. This means you’ll have to buy them clothes for ages 0 to 3 months, 3 to 6 months, 6 to 9 months etc. Of course, the way to cut down the costs is purchasing second hand outfits or accepting hand-me-downs from others.

Food and Formula

Buying formula for your baby will depend on how much they are breast fed and how hungry they are. It’s more in the future that you’ll really need to factor their food costs into your financial plan as they and their appetite will grow. Financial planning advice from Tilney can help you work out how much to save in advance to cover all such expenses.


This is the big one for many families. If/when you both go back to work, you’ll have to fork out for childcare, which can really impact your wallet. Many factors such as how long they’ll be in care, where and more will impact on the price but don’t expect it to be cheap. Many parents can forget to budget for this until it’s close to the time, so be sure to plan ahead.

Toys, Bills and Extras

You’ll likely receive a lot of toys and miscellaneous baby gear (pacifiers, clothes etc.) as gifts. Plus, babies don’t need too many toys until they reach toddler stage. A big cost most parents don’t consider is the impact on utility bills, with the extra water, heat and having parent and baby at home most of the day all leading to increasing usage and cost.

Make sure your new baby doesn’t break the bank by factoring all these costs into your financial plan before your new arrival, arrives!


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