Parents of newborn babies can expect to spend around £4,000 on their tot – before their first birthday, according to a report.
Millions of parents are left with a substantial hole in their pocket after kitting out a nursery, coupled with the added cost of clothes, nappies, bedding, toys and food.
On top of that car seats, pushchairs and other bits and pieces also send the cost soaring for first-time mums and dads.
But one in three parents admitted they ‘got a bit carried away’ and overspent hugely in preparation for their new arrival.
And 52 per cent of these purchased made during the first half of pregnancy as excitement and hormones kicked-in.
Deneice Harwin, from Philips Avent, said: ”Our research shows that three quarters of new parents worried about how they would cope financially before their baby had even arrived, so clearly money is a major concern.
”We know that new parents can often get caught-up in a ‘new baby shopping frenzy’, as a third agreed that they spent more than they needed, buying things they didn’t even use.
”By doing a little research into what they will really need, and buying good quality items which will last, new parents can save an average of £136 when baby arrives.
”By the time a second child has come along though, parents are more cash-conscious and make more informed purchases, based on what they learnt first time around.”
The research of 2,891 parents found they can expect to hand over £271.59 on baby’s nursery including cot, furniture, soft furnishings and paint.
Toys will come in at a whopping £661.20.
They are also looking at spending around £741.24 on clothes and another £65.50 on a travel cot so baby has somewhere to sleep on weekends away or holidays.
Close to £138.38 will go on a pushchair, an average of £70.03 for the first car seat and around £51.96 on a high chair.
Mum and dad will also invest around £51.94 in feeding and sterilising equipment and they will spend £861.36 on baby’s food during the first year.
The study also found more than one in three parents thought they spent too much money on toys.
And around one in four said they bought far more clothes than they needed and wished they’d spend some of that money on other things.
But parents who have more than one child claim they learnt their lessons from the first time round, with 73 per cent saying they were more savvy spenders when their second child arrived – spending almost #170 less.
Forty per cent of them put this down to simply having a better idea about what they needed to buy and avoiding making useless or poor purchases.
Philips Avent’s family finance expert Sue Hayward added: ”With just a little planning new parents can make some sound purchases to welcome their baby into the world without breaking the bank.
”The key is to look for quality items which will last for a long time or can be sold-on to help recoup some of the cost.
”Talk to friends and family and even your midwife for advice on what you really will and won’t need.”
