5 things that new parents forget to budget for

5 08 2013

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Image via Flickr creative commons from Tax Credits

Becoming a parent isn’t cheap or easy. For the next 18 or more years of your life you are going to be paying through the nose for baby food, toys, childcare, trainers, driving lessons and education. The list is pretty much endless.

No matter how prepared you think you are to become a member of the fully-fledged adult group, there will always be something you have forgotten. It happens to everyone so you are not going to help anybody by worrying about it.

According to the latest estimates, the price of raising a child will smash through the £200,000 mark. So to help you on your way, here are some of the things people forget most often.

Don’t buy too much

Parents to be can get swept up in the excitement of an imminent new arrival and shell out loads of cash on baby clothes and accessories. You will always have more than you need. However much you may fear the baby will get bored – don’t. It’s a baby. Once it has managed to get up on its own two feet and totter about the place, it will find everything interesting. You will sit, exasperated, as little Johnny or Jenny finds the cushions on the sofa more interesting than the £150 stroller you splashed out on.

Childcare is expensive. Very expensive

Even is childcare costs is something you can plan to pay for well in advance, it can be a shock how expensive it is once you come to pay for it. In some cases it can cost upwards of £1,000 a month. Luckily, if you are in full time employment you can find help with this through voucher schemes. Have a chat with your employer about things such as Co-op Childcare Vouchers from Midcounties Co-operative Flexible Benefits.

There are Government-backed schemes in which you can get back up to £1,200 of the cost of childcare a year.

There is a lot you won’t be able to budget for

You may think that you have enough nappies. You do not have enough nappies. Your new addition to the family will like to go to the toilet a lot. It may be a good idea to look at getting your hands on some re-usable nappies. They are cheaper in the long run and are also much better for the environment.

There will also be many things that crop up along that way and keep you off guard such as an out of the blue school trip. It may be helpful, if you can afford it, to keep a little slush fund to the side ot cope with these emergencies.

Bigger bills

You may not think it, but your heating and electricity bills will go up. For one, you will be in the house a lot more than you used to be. What was once okay – for you to sit in an extra jumper – will no longer be okay. Your child will have to be warm

Cost to your free time

Raising a child is a full time job. On top of your own full time job. If you previously used your free time to earn a little extra money on the side, you can kiss it goodbye. But, it will be worth it. Honest.