Getting or adopting a child is a miracle and a very radical event. Your lives change immediately. Both in practice and on the bank account, from the sleepless nights to the price tags attached to a pack of diapers or study.
Getting a child and raising it costs a lot of love and money. As a parent you carry the duty to take care of your child, to maintain and to adjust in the world. Do you know what a child costs? And are you ready for this or will you have to borrow?
Six thousand a year
Statistics Netherlands has made a nice calculation in terms of the income of the parents. This shows that one child takes on average 17% of the average annual income of the parents. In these costs you may count the living expenses and costs for food, drinks and clothing of the child. In fact, having multiple children costs relatively less. For example, two children take 26% of the income, while in 3 children 33% and 4 children can count 40% of the income. In 2017 the average annual income stood at € 36,500. This means that a child costs just over six thousand euros annually.
Nibud comes with other figures. Although the exact expenditure for children will differ per family, a child generally costs € 50,000 on average in his or her first 12 years. An additional € 30,000 will be added in the age of 12 to 18 years. Big amounts, right? Especially in the adolescent years, the necessary investments will be made in your child.
Costs for children
Where do the costs for children actually sit? The costs start with the baby room up to and including the first swimming lessons. You can also think of costs for school excursions, clothing, electronics, children's parties, books and school fees. If you check all stages of life on what you will need for your child, you will see that the sum of money can run out. And then we are not even talking about (expensive) holidays and designer clothes, which some children ask for at a certain moment.
Build up buffer
There are a lot of costs for a child. Although many people mainly look emotionally whether they are ready for a family, it is therefore also practical to have a buffer built up to cover costs. For example, keep in mind whether you will continue to work full-time or part-time. Who knows, you may surrender income on that level. That does not all absorb the child benefit. Before starting children, make sure you have a good buffer and try to pay attention to the expenses.
Pay attention to the expenses
A distinction can be made here between the fixed costs and expenses that you sometimes incur. For example, buy second-hand items wherever possible, draw a line of gifts and give a realistic amount of pocket money, for example. Do not always go for the most expensive items and make the children aware of the costs. Note the fixed costs; insurance, groceries, contracts and subscriptions. Probably you can switch to advantageous variants, you can delete subscriptions and do the messenger cheaper.
Sometimes it is not possible to build up a buffer and there can always be unforeseen costs around the corner. Such as a sudden excursion or a laptop that breaks down. Sometimes you do not save the end of the month and you will have to go for other resources. For example, by applying for a loan in case of need. How much can I borrow, you might wonder? That differs per situation, because it always looks at income, age and possibly other loans. Fortunately, there are always suitable options to give your child everything he / she really needs. In any case, make sure that you consciously deal with money so that you do not have to take out a loan. That way you are always more expensive. Having children means being responsible. And dealing with money is an important part of that. Be aware of this.