It has been revealed that new parents will have to budget under €15,000 for their new arrivals, and the spending begins well before the birth.
The average costs of having a baby in Ireland and raising it to its first birthday have been revealed by Life insurance provider AA Insurance.
The costs of a baby’s first 12 months have been estimated at an average of €14,532.12.
Some of the most expensive items for new parents are prams, at an average cost of €657.99, and baby bouncers, at an average of €228.33. Meanwhile, the study estimates that the average family of a newborn can expect to spend €515 on nappies in the first 12 months.
Parents who opt to return to work at the end of their paid maternity leave can expect to spend on average €5,012 on childcare.
The costs for parents begin to mount long before the baby is born, the survey said, as parents who opt for private maternity healthcare could face hospital bills of anywhere between €3,000 and €5,000.
However, between tax relief and health insurance cover the research estimates that parents opting for private healthcare will pay an average of €2,908 more than those who opt for the public service.
Arwen Foley, AA Life Spokesperson stated “To anyone who already has children it won’t come as much of a surprise that the decision to have a family brings with it significant costs, but for first-time parents it can serve as a real shock when the expenses start to mount up.
“While many of the costly items, such as monitors, car seats and prams can be re-used with any subsequent children to keep future costs down, the first child will bring with it a lot of unexpected bills.”
“With a young child of my own and another on the way I’m well aware of how quickly the bills for maternity wear, baby-clothes, nappies and everything in between can add up. While there is a temptation or almost a pressure on new parents to purchase the most expensive baby monitors or prams, it can be worth shopping around or checking in with family or friends who have already raised a family to see what cheaper alternatives exist.”