Did you underestimate the cost of raising a child under five?

Whitestep is a company specialising in cool and innovative baby and children’s products. They have recently undertaken some research around parenting expectations and they have found that 80% of British adults underestimate the cost of raising a child under five.

I am not at all surprised.

I would most definitely have fallen into this category.  I had no clue what impact having a baby would have on my finances. I never went back to work which of course cost us a great deal! And really  everything cost more than I expected it too. I learned about baby budgeting  through experience rather than pre-planning!

I certainly got through a couple of prams!

I never used any paid for child care but I have lots of friends who did and they were truly shocked at how much it cost them.

And what about savings? As soon as my two were born I started worrying about how on earth I would pay for them to go to uni. (9k per child per year!!!) I think we need to move to Germany.

I think the one thing I really underestimated was activities. My kids did so many activities until the day I sat down and worked out quite what I was spending on them. Then we dropped a few! Activity costs can soon mount up if you don’t keep a tally.

Spending on equipment and kitting the nursery out could also have cost me a fortune especially if I had followed the advice of the endless magazines I bought. But we were sensible and we were also very lucky had a lot of help from family.

What about you? Did you find raising a child under five WAY more expensive than you anticipated?  Whitestep decided to create a quiz-style questionnaire to see how your answers about parental expectations compare to the actual results (shown at the end of the quiz.)

You must pop over and have a go at this its enlightening!



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