mum’s mall Survey: Cost of Having a Baby for First Time Parents Now £10,500

We have just released a report about the cost of having a baby for first time parents (in 2011). From our survey with about 500 parents, we found that it could cost parents as much as £10,500 in expenses in the first year raising their first child! According to a similar survey carried out by American Express in 2003, it used to cost about £7,000 just nine years ago.

*** The survey breakdown of costs is as follows:

£ 1,547:	pre-natal costs
£ 4,454:	first year essentials
£ 4,500:	childcare
£10,501

Download the full report by clicking the report cover thumbnail below:

Here is a full breakdown on costs:

Parents should remember that it can cost a whole lot less that £10,500 for their first baby if they are prudent with their spending. We provided tips in our report on how to reduce this spend. Here is a summary of what actions parents should take to reduce their spend:

• Shop online using comparison sites, such as mumsmall.com to get the lowest prices as well as useful discount voucher codes
• Create a budget before your baby is born and work hard to stick to it Begin identifying and cutting out unnecessary spending
• Look for deals on entertainment, and go on creative family outings that cost little to no money
• If you’re tempted to use formula a lot, consider that breastfeeding is healthier for your baby and could save you around £50 each month
• Make your own baby food rather than buying premade jars; you can control the ingredients and nutrition while saving money
• Look into reusable nappies to save as much as £600 just during the first year
• Buy a set of reusable wipes and make your own solution using water, soap and essential oils
• Buy in bulk for recurring items that you will get through quickly, such as nap- pies, wipes and formula
• Choose discount brands and supermarket brands rather than ‘name’ brand items whenever possible
• Set up an online registry (similar to a wedding list), which will encourage family and friends to buy you what you actually need and want
• Shop for second-hand items at ‘good as new’ or charity shops: they often only need a wash and can add a lot of character
• Borrow baby goods from friends or family members and look out for friends whose babies have outgrown items that will suit your baby
• Go to, or set up, baby clothes ‘swap’ parties. They can also be great fun. Use the library for books, films and music
• Use loyalty cards and store cards with a rewards program to accumulate points every time you shop for baby items
• Start a savings account that you will not dip into for additional expenses, and add a small amount of money each month

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