The cost of having a first baby is £10,500, according to a survey by Mumsmall, which says the figure has increased from £7,000 in 2003.
The survey was conducted by looking at average prices of products bought by first-time parents over several months, comparing prices of baby products in stores affiliated with Mumsmall. Gemma Campbell, data analyst at Mumsmall, says, “The figure of £10,500 for a first child’s first year will come as a shock to many who are contemplating parenthood, especially when they hear that around half the figure – even for budget-conscious parents – is what they’ll have to find near the beginning, to start baby off.
“Before baby arrives, parents typically shell out more than £1,500 on pre-natal expenses, such as maternity clothing and other pregnancy-related necessities, and essential newborn nursery furniture such as a cot. Spending jumps sharply once baby arrives. Buggies and strollers, car seats, health and safety items, personal care products, travel accessories and daily consumables, such as nappies, formula and weaning food, can easily add another £4,450. And with strollers such as the Bugaboo Donkey costing as much as £1,200 and nursery sets priced up to £2,000, it is easy to top that if you’re trying to give baby the best.”
Campbell says these figures are conservative because they don’t take into account the cost of home renovation or decoration and other items not directly related to baby.
The other cost parents have to consider is the choice between loss of earnings and childcare. For most couples, one or other is inevitable. The £10,500 figure takes into account the likely cost of £4,500 in the first year for full-time working parents who go back to work.
Mumsmall is a price comparison site for parents.