THEY may be costly, but they’re worth every penny! According to a new survey the average amount parents spend on raising a child to secondary school age is almost £84,000.

Caring for a child from birth until the age of 11 will set a household back financially by almost half the average UK house price, which stood at £187,188 in September, Halifax found.

One of the most financially testing times is during the first year when parents are on leave looking after their newborn. According to the survey the first year of a child’s life is the most expensive, costing £8,500 on average.

The cost of childcare is always a greater financial burden for those who cannot rely on family to help share the care. According to the survey, half of the overall expenditure – amounting to around £41,139 – is spent on childcare.

The estimates were taken from research among 1,000 parents of children aged up to 11.

Typically, they were found to be spending £633.54 a month on their children, adding up to £7,602.50 a year. But the survey found that as children reach school age the annual cost of raising a child between five and eight reduces to around £6,489.

However, as children grow their needs increase with food costs escalating, particularly around the nine to 11 age group when the average monthly spend tops £87.

School holidays are another expensive time. The survey found that costs reach their peak when school is out and parents are funding trips out and other entertainment.

For parents with youngsters aged between five to eight, costs typically amount to £71 per month.

Other monthly costs include: Schooling £44.85; clothes £38.81; toys £23.42; leisure and hobbies £39.23; furniture £18.35; personal care £20.64; childcare £311.66; holidays £59.17 and food £77.41 making a total monthly cost of £633.54.

According to Christians Against Poverty, a charity which gives free debt advice to anyone in debt, the figure highlights the importance of having a good handle on our finances now to prevent falling into financial difficulty.

The charity, based in Bradford, offers free money management courses to help parents and families budget for their current needs, as well plan and save up for future costs.

“For those parents already struggling financially the cost of raising children can put them in a very difficult position. Our research shows that 67% of our clients with children told us that whilst in debt they couldn’t adequately provide for them. Many told us that before receiving our help, they skipped meals in order to feed their children or that their children missed out on opportunities like school trips,” says a CAP spokesman.

One client from Bradford says: “Before CAP got involved, I was desperately trying to pay off my debts but to no avail. I was eating the children’s left overs as I did not have enough money to buy food for me as well. Since CAP’s help, I am able to sleep properly in the sound knowledge that my children and I are going to be OK.”

Siobhan Freegard, founder of the UK’s most popular parenting site Netmums, says: “While children are priceless, £84,000 is a huge amount for families to fork our before their child reaches secondary school age.

“The sky-high cost of childcare is making it very hard for mums to return to work, or in some cases, to have kids at all. A recent study by Netmums found parents spend a third of their income on childcare, making it more expensive than the rent or mortgage.

“The Government has pledged to make the UK Europe’s most family friendly country, but these figures show it hasn’t happened. Parents will be seeing what each party proposes at the election next year to see how they plan to help make raising the next generation more affordable.”

Mum-of-five Ruth Weston, founder of the Bradford Choices in Childbirth, part of a wider network focusing on giving parents choices and ensuring families have the support they need, says raising children is society’s responsibility too.

“We are investing in our children and the issue for everybody is to say that is our responsibility as a community for bringing up our children, not just my children, but all our children because we as a society have an investment in bringing up children to be happy balanced and willing to work for a living when they have left school.”

For help and advice on managing your money visit capmoneycourse.org or to contact the charity call 0800 328 006 or visit capuk.org