How much does it cost for a child to grow up?

Children are great – and expensive. But what does a child cost? Does the dream of having a family mean that all other dreams in life have to fall by the wayside? Here’s how you can reconcile both financially.

Child luxury?

Of course, most couples would like to have children at some point. But when it comes to the costs, the little hearts in their eyes quickly turn into worry lines on their foreheads. But what does a child cost? To put it casually, real money: up to the age of majority, as much as a sports car in the upper luxury class. Does the dream of having your own family mean that other dreams in life have to fall by the wayside? With good planning, you can reconcile both.

Children – lovable and expensive!

You can’t buy happiness. Nevertheless, it can be quite expensive. On average, a child costs around 150,000 euros until the age of 18. This was determined by the Federal Statistical Office in 2020 in a study. That doesn’t even include the additional costs for a larger apartment or loss of earnings if parents reduce their working hours.

But before you cancel the family planning now and rather order the sports car: At second glance, the costs become much more relative. For one thing, the state promotes parental happiness. Child benefit, parental allowance, maternity allowance, housing allowance for families and child supplement: depending on your income, this adds up to almost half the cost of having children, along with tax breaks. By way of comparison, this means that the luxury car has become a mid-range car.

Cheaper by the dozen

You can also save quite a bit if you don’t have to buy the latest model of stroller and the like. Many things can be bought second-hand or borrowed from family and friends. And what is bought for the first child is already there for the second or third: cribs and changing tables can be used just as much as toys, clothes or books. So monthly expenses of around 700 euros for the first child become only 580 euros for the second and 560 euros for the third. If you keep an eye on your costs and start planning your finances early, you can definitely manage this. Experience shows: If you really want children, you’ll be able to finance them. And let’s be honest: Money isn’t everything, is it?

For everything else planning related, Stafford Thorpe can help.

Stafford Thorpe provides financial services to clients so we can protect and grow their wealth over time.


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