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.
|(Click the image to be taken directly to the tool on the Natwest website)|
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 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 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.
*Disclaimer – I have received no compensation for writing this post*