The cost of parenthood
The cost of raising a child from birth through to university has been estimated at around £180,000. Jo Wells shares some much needed cost-cutting ideas.
We asked Jo Wells how she was coping with the pre-baby financial strain.
“The day we found out I was expecting our first baby was the beginning of a new adventure where all those parenting magazines become really relevant and suddenly people who don’t normally speak to you make a bee line and offer all the advice you could possibly need to get you through from birth to twenties.
There are all kinds of implications, not least financial ones. How would we manage with our mortgage and the cost of running our home? There are always ways around things. We checked with our financial advisor and will be modifying our mortgage for a while to help with me being on maternity leave.
It’s a good idea not to rush into buying things straight away as people will often lend you what they have. There maybe a few things that you want brand new but become wise to the fact that specialist shops are geared to make you spend more. Ebay has been great for bargains and charity shops and local NCT (National Childbirth Trust) sales have been invaluable.
We have been fortunate that we know people who are first time parents and can offer real true advice on what they recommend. It really is an eye opener.
We haven’t gone overboard on decorating the nursery either. We had some left over paint that was suitable and Granny-to-be has kindly offered to make some curtains out of some sale material I had found.
This is a really exciting yet nervous time for us as we’re new to this game. What encourages us is not what we buy or that it’s the best but that the baby is going to be loved so much and is very welcome.”
Money saving tips
Here are some more tips to help cut the costs:
- Talk to other parents about what you really need to buy – some things (like car seats) you’ll probably need to buy new, but most things are just as good (and much cheaper) second hand.
- Re-useable nappies are much cheaper in the long run, and better for the environment! But if you’re using disposable nappies – be aware that the leading brands and shops ‘own brand’ nappies are often made by the same manufacturer – try out the cheaper version.
- If you're happy to be given used baby clothes and equipment, let it be known. You’ll be surprised how many surplus baby items people have lying around.
- Save on childcare by setting up a baby sitting circle – take turns with friends who also have young children and you could save £20-30 a time!
- Ask nicely in charity shops if they might put stuff aside for you as it comes in.
- Join your local freecycle group – there are always loads of useful items coming up.
- Try blending and freezing your own baby food – check out this website for recipes.
Some very useful links:
- Find out about Tax Credits. According to ‘Sure Start’, nine out of ten families with children are eligible for tax credits. It could make a big difference.
- For information about maternity leave and your rights, check out this website.
- For general help and useful links for parents going back to work, click here.
Written by Jo Wells. Posted on 20th May.
Digg it
Reddit
Delicious
Stumble It!
Furl it
