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The costs of having a baby

Mothercare estimates that it costs approx €619.20 to buy the basic essentials for baby’s first year. This price is based on the lowest prices available in their stores. Here is a rough guide of how much you expect to spend on baby essentials (approximate price ranges shown):

• Cot: €150-€700.
• Mattress: €40-€100.
• Pram: €200-€300.
• Car Seat: €70-€200.
• 3-in-1 travel system: €300-500.
• Changing Table: €80-€200.
• Clothes: €150-€300.
• Bathing Accessories: €50-€100.

The “Cost of Baby” American Express survey

• According to the September 2004 American Express “Cost of Baby” survey only 16% of parents accurately estimated the costs of baby’s first year.
• Babies actually cost an average of €5,000 in the first year.
• This amount includes essential items such as a cot, pram, clothing and the day to day costs of the baby’s first year.
• However, this amount did not account for childcare or any loss of parental earnings. Childcare alone can cost around €10,000 per year.
• Only 13% of people surveyed correctly estimated the costs of childcare.
• American Express suggested that a lack of financial planning and underestimating the real cost of a baby meant most parents would end up making lifestyle changes later on to cover their unexpected costs.
• These changes included buying cheaper groceries and cutting back on holidays and entertainment.
• 45% of the parents surveyed with children under the age of five said that their first born was more expensive than they had expected.
• Only 9% said they had budgeted sufficiently for their first child, and as many as 90% of this group had to make lifestyle sacrifices to allow for their additional baby costs.

Further information

Savings and investments

If you need some information to help you to start saving, or want to renew your savings and investment, visit www.ifsra.ie.

Here you will find a publication from the Financial Regulator called the Independent Consumer Guide to Savings and Investments.

Other information

The Financial Regulator also provides free, independent information on financial products in plain English.

Customer helpline: 1890 77 77 77

www.itsyourmoney.ie