However, while most of us try our best to keep expenses down, there are a few hidden costs that we don't usually consider as a part of raising children.
Home
When you calculate the cost of raising kids, the house that you live in often goes unnoticed, but this is one of your biggest expenses. With children comes the need for extra space, more than one bedroom, a home large enough to fit in a family and a garden. The bigger the family, the bigger the house - and the more money needed to keep it going.
Food
As your child gets older their appetite increases and so too does the amount of money you spend on food. It all adds up, especially if they have a special diet or you need to pick up substitutes for certain foods that they can’t have.
Household items
It’s not just feeding the family that will heavily impact on your wallet. The need for things like kitchen towel, toilet roll, shampoo, conditioner, wipes etc. also takes a big chunk out of your monthly wage.
Presents/ parties
Kids get invited to loads of parties and each one requires a present. If each of your children have 30 kids in their class - that’s a whole lot of parties. But it’s not just being invited to them that will affect your finances, hosting them is even more expensive.
GP trips
Kids hurt themselves and get sick and often it requires a trip to the doctor or hospital which adds up to a significant amount over a number of years. If you have health insurance, for every child you add to the policy the higher your premium goes up.
Electricity
Electricity is another huge drain on your finances, especially when you consider the number of lights that are left on in your home on a daily basis, how frequently things like the hairdryer, phone chargers, clocks and laptops are plugged into sockets and how often the washing machine goes on.
