21st March 2012
The cost of caring for and raising a child is vastly underestimated by a large number of parents, according to the Money Advice Service.
Its research found six in ten mums and dads spent up to £1,000 more than they had budgeted for on the birth of their baby, while a fifth had to shell out anything between £1,000 and £5,000 in unexpected costs.
Sarah Frisk, consumer expert at the organisation, commented that there is a lot for new parents to think about when it comes to planning for their little one.
"There are a lot of other things you are thinking about, not just money. Babies are small, and you just don't realise that they cost quite a lot," she said.
Ms Frisk recommended that mums and dads-to-be do their research to find out how much nappies, clothing, a cot, pram and car seat is likely to cost and see if they can set aside some money each month to help ease the pressure.
"It is a busy, busy time once the baby arrives and having money worries on top of everything else isn't great. So the more you can do beforehand, the better," she noted.
"Some people told us that the baby had cost up to £5,000 more than they had been expecting. That is quite a lot and it doesn't have to be that way. You can manage on a budget."
Meanwhile, new research has found that feeding an infant on demand can actually boost his or her IQ level.
As the Globe and Mail reported, a study published in the European Journal of Public Health suggested that giving babies the breast or bottle whenever they cried for milk increased their IQ score by up to five points when they were tested at age eight.
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