Millions underestimate the cost of a baby

MILLIONS of new parents underestimate the cost of having a baby, with six out of ten spending £1,000 more than they expected.

The Money Advice Service surveyed 1,000 parents and found that half did not anticipate how much they would spend preparing and caring for their first baby in its first year.

Sarah Smith, consumer expert at the Money Advice Service, said: “Everyone knows that having a baby is expensive, but without a clear picture of how much you’ll actually need to spend, it’s difficult to prepare properly.

“We’ve created our new Baby Costs Calculator to help parents, whatever their budget or level of experience, get a clear idea of the costs involved and make sure they’re as ready as they can be.”