Although money should not play the biggest role in the decision for or against having a child, the costs of having a child should not be completely ignored. Folk wisdom like, “A child costs as much as a small house” is often no coincidence. But how much money do you really need for a child?
If you would like to get an overview of exactly how much money you spend on what each month, you should definitely get a budget book!You can easily order one from Amazon here.*
By the time children grow up, there will definitely be a lot of expenses. We'll tell you which posts you should definitely expect. And we can say this much: children are now much cheaper than a house. But that is another topic.
This is how much it costs for a child until their 18th birthday
In 2018, the Federal Statistical Office published a study on the topic “Consumption expenditure by families for childrenand calculated the average expenses of parents with a child up to their 18th birthday to be around 150,000 euros. The costs for a child are divided into three age groups: 0 to 6 years, 6 to 12 years and 12 to 18 years.
Costs incurred up to the age of 6
In its calculations, the Federal Statistical Office estimates expenses of around 587 euros per month - consisting of food, diapers, toys, accommodation and clothing. The initial equipment and possible support costs are not included here.
This falls solely for themaround 3,000 euros. The cost for a daycare place is around 400 euros and for kindergarten children around 250 euros per month. However, the fees are linked to your place of residence and vary greatly from region to region.
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Costs incurred up to the age of 12
Parents quickly notice one thing: the monthly costs for purchases increase with each year the child gets older. Especially in the first year of life, parents benefit from the many gifts, loans and support from family and friends.
But from the time you start school at the latest, vacation trips, hobbies and school trips have to be financed. The birthday wish list is getting longer and longer and while all of your child's other friends already have a cell phone, you are still trying desperately to defend yourself against it.
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As you get older, your demands also increase. While we are still trying to encourage children to play in the fresh air, smartphones, tablets, games consoles and PCs seem much more attractive to them. Brand awareness and the 'right style' are now becoming more and more present.
However, “belonging” has its price. According to the Federal Statistical Office, a school child costs their parents around 686 euros per month. Here, too, vacation, care, hobbies, etc. are not included.
Costs incurred up to the age of 18
After the age of 12, when many people reach puberty, the monthly costs increase again. Parents then have to factor in a total of around 784 euros per month. Teenagers eat more during this time and always 'need' the hottest clothes. Higher amounts are also required for pocket money and leisure activities.
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All costs at a glance
Overall, a child costs an average of 684 euros per month. Extrapolated up to the age of 18, this means expenses of around 150,000 euros per child. However, the costs increase with each year of life of the child:
- 0 to 6 years:587 euros per month, around 7000 euros per year, 42,260 for 6 years
- 6 to 12 years:686 euros per month, around 8,200 euros per year, 49,400 for 6 years
- 12 to 18 years:784 euros per month, 9,400 euros per year, 56,400 for 6 years
However, there is also good news in this calculation: the more children there are in your household, the lower the average costs per child are. Especially because you can shop, cook and plan in larger quantities. Clothes and toys can also be passed on to younger siblings.
If you are afraid that there will no longer be enough money for your children given all the ongoing costs, you should definitely find out how easily you can effectively invest money for your children. You can get an initial overview in the guide: “Investing money for children: How to protect children with minimal effort” (Order directly from Amazon here).*
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And despite all the calculations, we shouldn't forget one thing: children are a gift. Maybe even the greatest gift of all. Anyone who has ever looked into their child's bright eyes knows how much love and happiness they give you.
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