The team behind www.MoneySavingHeroes.co.uk conducted research into how Briton’ finances are affected by having children. Almost 2,500 British parents were polled, all of whom were aged 18 or over and have at least two children under the age of five years old.
It was initially found that the average Briton spends £10,584 in the first year after having their child number one, with ‘clothing’, ‘tech gadgets’ and ‘nappies’ found to be the most expensive over the course of 12 months. Four fifths of parents (82%) confess they overspent on their first child, and just 16% admit they were prepared for the costs that they had to pay out. things. What’s more, just one in three (34%) accepted and used second-hand items from family and friends, with the rest stating they wanted everything new for their first born.
Asked if they went on to save money with their second child, nine out of 10 respondents (91%) stated they did, with the average saving found to be £1,970 within the first year of having their second child, taking the first year’s costs down to £8,614.
The most common ways parents went about saving money with their second child were found to be:
1. Using clothes purchased for child one and accepting second-hand clothing – 83%
2. Purchasing from budget and more affordable brands – 70%
3. Buying items second-hand online, i.e. via Facebook Marketplace – 58%
4. Making my own baby food instead of buying pre-made – 42%
5. Investing in reusable nappies – 14%
21 per cent of those who had bottle fed their first child admitted that they made the decision to breastfeed instead of formula feed their second child in a bid to save money. When asked how much they spent on formula with their first child, it was found that the average cost in the first year was £365. What’s more, of those who said they had made the switch to reusable nappies, the average saving in the first year was found to be £320.
George Charles, a spokesperson for www.MoneySavingHeroes.co.uk, commented:
“It really puts into perspective how much children cost, even more so with many parents confessing they weren’t prepared for just how much they were going to have to buy and how much it would cost. Taking small steps to save a little extra money should never leave anyone feeling guilty, especially if the child is not missing out. Reusable nappies, accepting hand-me-downs and buying items cheap off other parents are all great ways to save money, and will help parents in the long run.”