Hearing that kids are expensive probably doesn’t come as a surprise to anyone. They eat a lot, they constantly want things and they grow out of clothes at an impressive rate. But what may be surprising is just how much parents are shelling out for their youngsters.
Suncorp Bank recently crunched the numbers in their latest Cost of Living report, surveying around 1,400 parents aged 18 – 64. The results show that on average, parents spend $1,370 per month on each of their children.
Kids aged 9 – 11 are the most expensive, costing $1,636 on average each month, per child. Yikes. Food is the biggest expense for families, dishing out $262 per month for each child, with over half of all parents admitting to ‘often’ or ‘always’ overspending on food for their children.
Surprisingly, parents with kids between the ages of 3 and 5 spend $48 each month on connectivity and technology. Why tho? Does the kid have a LinkedIn profile?
Are you the eldest child? Chances are you missed out in your younger years while your siblings benefited from a higher parental income that crept up over time. This is evidenced by an increasing spend per child when the number of children in the household increased.
With one child in the household, the spend was $1,118 per month, with two it lifted to $1,494 per child and with three or more, it hit $1,787 per child.
Planning on having some rug rats of your own? Well you better start working on your budget. You’re gonna need it.