Tuesday, 22 April 2014

Natwest "Cost of Raising a Child Calculator" & Competition

Natwest have created a tool entitled "Cost of Raising a Child Calculator".  The idea is to provide users with an estimate of just how much a new child or their existing children are costing them . . . 
My initial reaction when I was first introduced to this tool was that I don't think I really want to know how much my children are going to cost me! How many Mulberry handbags could I have for that? But would I swap them? No. We are absolutely brassic but I wouldn't swap them for the world.  I don't care how much they're going to cost me - that's not something I think about.

However as I thought more about it I started to see that perhaps it might be useful as a budgeting tool. 


Natwest Cost of Rainsing a Child Calculator
(Click the image to be taken directly to the tool on the Natwest website)

Amy
I filled out the calculator initially for Amy but I don't think it's particularly accurate for her at the moment as she's not costing me anything for food, childcare etc.  Also with her being the third child a lot of the other associated costs - pram, furniture, clothes etc are hand me downs so she's supposedly thousands of pounds under the national average.  

Chloe
Chloe works out at around 18k under the national average. Again I suppose some of this is due to having spent a good chunk of money the first time round so plenty of toys and equipment are already sorted.    There's also a good amount of money saved in how much I spend on childcare at the moment - with being on maternity leave this is considerably less than it would be if I was working full time.  I'd love to be working on the national average of spending £70 a month on clothes?! Who has that money to spend!  Chloe would have a spectacular wardrobe if I had that much to spend each month. 

Ben
Ben came out over 150k short of the national average but for a start this included 8k on school fees - I don't think that's a strictly accurate statement as the "national average" - surely the majority don't pay school fees? Also I was completing it based on our current situation - minimal childcare, no pocket money etc. I can see that he would be costing me an awful lot more in another few years time. 


The calculator is definitely interesting and gives food for thought.  If nothing else I was really surprised to see how we measured up to the national average.  

So now it's your turn . . . 


How would you like to win a Harrods teddy and champagne? 

Try the "Cost of Raising a Child Calculator" for yourself and then complete the rafflecopter options for your chance to win.
a Rafflecopter giveaway




*Disclaimer - I have received no compensation for writing this post*



322 comments:

  1. The teenager calculator shocked me, I think I must indulge him too much

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  2. I seem to spend under the average lol

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  3. I spend under the average but my parents help a lot!

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  4. Degustabox March - Review commented!

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  5. I spend around the average which is what I would have thought - scary stuff seeing how much it all comes too though!

    Ashleigh

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  6. I have commented on Degustabox March - Review

    Ashleigh

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  7. We spend well under these amounts. I think children can be as expensive or as inexpensive as you make them! We do like to splash out now and again on the kids, and childcare is a big expense, but I find that we can always make savings elsewhere. What a lovely competition Colette, can't beat a bit of bubbly! x :)

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  8. Stephanie steph11alfie@gmail.com23 April 2014 at 01:10

    Definitely underspend!

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  9. We spend way less and try and get as many bargains as we can and plan ahead for purchases

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  10. we spend less, looking for bargains and freebies!!!

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  11. yes my teenagers are more expensive than when they were little

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  12. get as many freebies as poss

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  13. FIVE MONTHS OLD - AMY WATCH - commented

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  14. Shocking! I must stop spending they are obviously spoilt :-0

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  15. definitely more expensive as teenagers but as babies you tend to get a lot more help and donations of things...

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  16. I manage on far less however the teenagers tend to cost more. I have always expected them to fund their own extras by getting a part-time job.

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  17. as the get bigger your purse get smaller

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  18. Yes my teenagers are more expensive than when they were younger

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  19. Not paying for any childcare definitely takes that average down.

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  20. we spend under, prob because we are careful

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  21. I've never actually worked it out! But OMG!

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  22. I spend waaay more than i thought, what a surprise! :(

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  23. I am spending under the average!

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  24. I try to save when I can

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  25. I spend under the average
    (kim neville)

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  26. The price of teenagers was a shock.

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  27. I have commented on Lamaze Bella Bunny and Hide & Seek book - Review

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  28. Just over the national average for a toddler - not bad

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  29. I spend alot more that i thought!! :( time to get saving!

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  30. frightening! a bit of wake up call to monitor my spending!!

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  31. I am spending under the average which I knew as really careful with our money

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  32. We spend way less on our two. Thank goodness.

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  33. im spending under average...

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  34. We are a lot under the average but then we have no childcare costs. The food shocked me. £50 a week for a teenager, we don't even spend that for three of us.

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  35. I spend under the Average which was no surprise as we are very care full in the way we spend our money

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  36. More on some things and less on others but overall less than the national average.

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  37. I spend more on some less than others. Zero childcare bill, possibly less on toys over the year, possibly more on food some weeks if we eat out, less on others... but considerably less on clothes. Much less on pocket money! I'm quite shocked by some of the amounts actually.

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  38. slightly less than average but I am careful, and children don't ( always ) want money just thrown at them

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  39. We were over although we were careful.

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  40. Much lower in total due to zero school fees and zero childcare, but other costs were similar. "Mum's Taxi" wasn't included anywhere - and that costs a fortune :)

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  41. Less than average, thankfully, though not by much. The calculator was very interesting and made me want to cut down even more x

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  42. gertrude_gertree@hotmail.com
    under average!

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  43. Under average, I put that down to using cloth nappies, breastfeeding and not having to spend on childcare. It's crazy how much some things cost!

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  44. Under average but expecting that-lucky to have parents who help me

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  45. as a teenager, that is completely shocking!

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  46. We are a lot under the average but then we have no childcare costs.£50 a week for teenagers is a lot I have 3 teenagers, my husband and myself and we spend no where near £50 each.

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  47. yes it did shock me i think some cut backs are needed

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  48. Spend under….which surprises me a lot!

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  49. It's scary when you see the figures, we don't have any family so childcare costs are very high

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  50. Commented on Degustabox March

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  51. A nice surprise - we are under the average. x

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  52. Silent Sunday - 20.04.14 - commented

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  53. think we spend less as we dont pay schoo; fees or childcare and i havent indulged them like many with the latest technology

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  54. commented on silent sunday thankyou

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  55. I do spend lots, but don't have school fees, so I am under average

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  56. It's a big wake up call I spend about average though

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  57. My Top Twitter Tips - commented

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  58. a lot under average, and not surprising

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  59. eep. i knew i was over, but this shocked me! Great post and a lovely giveaway, thank you!
    Claire
    xx
    http://pennyforthemuk.com

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  60. I left a comment on Emma's Diary blog

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  61. i'm spending under the average! i am suprised :)

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  62. i have 3 teenagers so it was a bit of a shock but i was way under average

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  63. Surprisingly! - It is not as bad as I had thought.

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  64. Getting started with cloth - Real Nappy Week - commented

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  65. Some items we spend less as we buy in bulk when on offer. other swe spend more because of the quality of the item and it can be passed on or resold to recoup some money.

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  66. Aagh , I spend too much, must cut down on treats for my ravenous teens :-)

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  67. I seem to spend less than the national average, but it is still quite a lot of money overall!

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  68. I always make a budget and never stick to it, with rising prices its impossible x

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  69. I think no amount of money could ever reflect the joy of having and raising g a child x

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  70. Due to family circumstances my niece now lives with me, she's 14, and I must admit I'm spending around the average for a teenager according to the calculator but it is expensive she's an eating machine ha!!

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  71. This comment has been removed by the author.

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  72. I spend around the average, I thought it would have been alot more.

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  73. i spend a bit above the average!

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  74. i just know that i am skint! but loving my family

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  75. I spend way under the average, but then me and hubby have always planned our expenses as well as we can! My kids don't get pocket money and such, thy earn their own pennies walking the neighbours dogs and washing their cars :-) Lol mind you we are still broke! But at the end of the day it doesn't matter how much money you shower over your child, its how much love and attention, and on that score we're millionaires! ;-) lol

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  76. i spend much less, no childcare makes a big difference x

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  77. i never had kids of my own, so am shocked to see what they cost!

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  78. I only have 1 child, and she's all grown up and left home, so no surprises for me.

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  79. I thought that I overspent which is terrible I know I go for the best things but with shopping around I could save money

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  80. Do not need to calculate,that is not what raising children is about,if your mind does work this way then do not bother having children,no one will care,no one will miss what has never been.

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  81. I tend to spend a little below the average. Maybe because I do try to look out for a bargain. Also I like to get value for money. We try to share within the family, as baby items etc are used for such a short time. I give items to sister etc. Friends offer items, which I do make use of on occasions etc. It can be very expensive to care for children, so any contribution is welcome. People do tend to be very kind in the early days. Once the party rounds etc start :- It can be expensive to keep in the social circles etc. I do try to take benefit of frinds with skills / talents etc. For example :- Baking, Card-making etc. As personalised gifts are very popular, yet can be produced wisely and reasonably by talented friends etc.

    Rachel Craig

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  82. I commented on blog :- Legoland Discovery Centre, Manchester. Review.

    Rachel Craig

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  83. Planning to have a child soon and very scary how it all adds up!!

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  84. we try to save and spend under the average

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  85. not spending anything yet but its scary how much you do spend

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  86. my kids now have their own children, we warned them but we still help out ! : )

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  87. always looking for more freebies

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  88. Scarey and shocking

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  89. Less than average, which is good to kno.

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  90. Less than average by frugal tenacity.

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  91. WOWW! Scary when you look at the costs like that!!

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  92. I have no kids. But I would like to one day. But the cost of raising one is rather high.

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  93. Should I feel guilty that I seem to spend under the average?

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  94. I would say average

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  95. I spend much more than average but my kids are appreciative and so kind and loving

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  96. Below average, but then i do try to show them i love them without spending money on them

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  97. My Daughter is all grown up now and I don't have any other children or Grand children so I don't have to use the calculator.

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  98. I`m average thankfully.. but they sure are spoiled:)

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  99. Seems more......

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  100. I seem to spend under the national average!! How come I never seem to have any spare money then!!

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  101. It looks like I spend more than what i should , my little one is very spoiled :)

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  102. apparently we spend about average which is good :)

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  103. Look like we are about average!

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  104. a lot less because I earn a lot less

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  105. My little girl is very spoilt spend far too much!

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  106. Unsurprisingly I am spending way more than the national average but I knew that from looking at my bank balance and children are so worth it! - Kay Broomfield

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  107. Not surprising outcome - fab prize

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  108. I'm not surprised at the cost, the teenage years are going to be painful!!!

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  109. I am spending just below the average.... Childcare is alot more though....ouch!

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  110. under the average, but I dont have childcare costs
    Spencer Broadley

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  111. It's a shock how much they cost, I think if you saw that before you had children it would put you off. However we haven't spent anything near that bringing up our children, so you can cut the cost right down if you need to.

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  112. I am in shock didnt realise it was that much and for 17 years too but I am under the average so Im guessing my bargain hunting skills are ''paying'' off

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  113. We are a lot under the average.

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  114. Under the average, we have been sensible with our spending!

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  115. I try to be as careful as possible so I was a bit below the average.

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  116. It was hard enough when I was bring up my children. However I was surprised & shocked how hard it is now for my children bringing up their children. I did come up even.

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  117. i'm under average (just) but only thanks to state schooling

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  118. i say average
    lisa ann tebbutt

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  119. I commented on blog :- Twistios.

    Rachel Craig

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  120. i spend under the average!

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  121. luckily we are under the average we have an almost teenager and so far he is not really into fashion so we only have to buy new clothes as he grows out of them so i think that saves quite a lot. he does however eat us out of house and home!!

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  122. I feel really mean after looking at that! I dont't spend £60 a month on toys between 3 of them?? Also the clothing bill was very high. Also very luck as we don't have any childcare fees or school fees come to that so we were WAY WAY WAY under the national average! Lucky us though I suppose!

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  123. Is it just me, thinking, whats the point of this calculator. If you've got children its too late and I've never met anyone who said they decided not to have children because they couldn't aford it. As you point out, if you are on your thrid child, they are bound to be under average due to hand me downs. I reckon all mine are under average, mostly because we didnt have a lot so had to make a little stretch.

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  124. It may cost a lot having kids but the rewards are so big. I actual spend less on my son than the national average but he wants for nothing & is happy & healthy. Some parents I know spend probably double the National Average & their children are no happier than mine but expect a LOT more.

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  125. HOW TO REMOVE BLU-TACK FROM HAIR (commented)

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  126. i spend around the average - sarah d

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  127. Wow, spend more than average, need to do some serious homework!

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  128. NO SURPRISESE; I KNEW THEY WEREN'T CHEAP.

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  129. Mine was well below the average but I wasn't surprised, as some of it was vastly exaggerated like childcare etc which not everyone uses or can afford

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  130. I was suprised ! - I knew my children are expensive, but not that expensive !

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  131. its scary seeing it like that! I do however spend under the national average... thank goodness!

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  132. I commented on DEGUSTABOX MARCH - REVIEW xx

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  133. Matt Froggatt1 May 2014 at 12:43

    Remarkably average spend by the looks of it

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  134. Wow, spend under the average which is shocking. I always fear we spend far too much, maybe I should do it again?! :P x

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  135. I spend much lower than the national average.

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  136. I'm less - But I bet they are going to get more expensive as they get older!

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  137. I don't think I spend anywhere near that but I don't have childcare to pay for as I stay at home.

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  138. http://www.goingonanadventure.co.uk/2013/07/the-annual-burgess-dowson-birthday.html?showComment=1398987705772#c5239604424546092823

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  139. CAN I HAVE A NEW BED PLEASE? - commented

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  140. I spend under average in total but with 4 kids it's not too bad

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  141. We underspend in our household, good for a rainy day though!

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  142. Big overspender personally but hubby balances that out - tighter than me!

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  143. I'm an over spender, oops :(

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  144. Less than average

    @jaizduck

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  145. I seem to spend under the average - wow it all mounts up!

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  146. I spend less than average but that's because I'm on a tight budget

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  147. below average but then i do not have childcare and use washable nappies :)

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  148. A bit of comping means prizes can give a little treat

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  149. I am spending under the average!

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  150. I spend under the average which is surprising

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  151. Ours is about 10% of the average! I knew it would be low, but not that low. Amazing.

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  152. Average which is still to much lol x x

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  153. No surprises there, luckily under average

    kirstyjfox [at] yahoo [dot] com

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  154. I commented on Spring Bucket List - An Update

    kirstyjfox [at] yahoo [dot] com

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  155. I spend a lot less than average - and that's for two! £60 a month on toys per child is average? What the actual ...?

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  156. I commented on your spring to do list post x

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  157. I spend too much
    Lindsay Felvus

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  158. faye huntington7 May 2014 at 21:21

    I'm spending under which is always a nice surprise! faye xx

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  159. Pam Francis Gregory7 May 2014 at 21:50

    Way OTT but not that surprised

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  160. Pam Francis Gregory7 May 2014 at 21:53

    I commented on Kids in the Kitchen - Word from the Mr

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  161. Happy that I'm average....

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  162. I spend under the average but the grandparents are always on hand which helps a lot x

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  163. Spring Bucket List - An Update - commented

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  164. took me a while to work out how to use it and what was going on but i'm way below average on spending. I think the Average is actually pretty high!

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  165. I spend about the same
    claire.bob23@hotmail.co.uk

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  166. I don't have any children so can't comment on that. But I do my bit by buying stuff and knitting / sewing for charity to go to the children in Romania.

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  167. Tracey Thompson8 May 2014 at 19:49

    I underspend, but a case of having to

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Thanks for taking the time to comment - I love to know what you're thinking!