Love is priceless – but you just can't make a living from it. Especially no children. When planning a family, it should therefore be clear how expensive a child can be up to the age of 18.
For most couples, having a child of their own is absolute family happiness. But this is offset by a consideration that is not very romantic: finances. Babies need complete equipment, and later care and education costs are added, as well as toys and leisure activities, their own smartphone and, if necessary, their driver's license. As a rule, the larger the offspring becomes, the more (and the more expensive) needs they have. But what amount do parents have to be prepared for by the time they reach the age of majority?
The older, the more expensive the child will be
According to the Federal Statistical Office, couples spent an average of 2018 euros per month on one child in 763 (9,756 euros/year), while single parents with one child spent an average of only 53 euros less (8,520 euros/year). Food, clothing and housing account for more than half of the expenditure, and only about 15 percent for culture, leisure or entertainment. But the good thing here is that if a family has several children, the costs drop slightly. With two children, it is then 1,267 euros per month (instead of 1,526 euros), with three 1,770 euros (instead of 2,289 euros). Some of the necessary things are already available.
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If you now look at the individual years of the child's life, it becomes clear that the older the offspring gets, the more expensive it becomes. According to the Federal Statistical Office, parents spend about 679 euros per month (8,148 euros/year) for a six-year-old child, and from the age of twelve it is an average of 953 euros (11,436 euros/year). Up to the age of 18, a child costs a total of almost 165,000 euros – after all, in many regions the equivalent of a medium-sized property.
+Children can really go into the money. Up to the age of 18, they cost an average of just under 165,000 euros.
© Viktoryia Verstak/Imago
When it comes to school alone, parents have to invest a lot. In some federal states, primary school children pay more than 100 euros per school year, according to a contribution to eltern.de (e.g. Saxony-Anhalt: 220 euros, Rhineland-Palatinate: 149 euros, as of 2022). Lower Saxony (18 euros/school year, as of 2022) and Thuringia (23 euros/school year, as of 2022) are a good deal cheaper. In high school, this cost usually doubles.
Always consider the individual case
Of course, these figures are only simple averages. There are certainly ways in which you can save money again and again. For example, baby equipment including strollers and high chairs can also be purchased second-hand, just like children's clothing.
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Subsidies from the German state
And thanks to various financial injections, the state also makes it easier to get through the months and years. Benefits include, for example, child benefit. This is paid up to the age of 18, but can be extended beyond that under certain circumstances. Currently, it amounts to 250 euros per child per month (as of 2023). With the parental allowance, the legal guardians compensate for the loss of earnings if they take over childcare after the birth. The amount depends on the previous earnings. In addition, there are other government subsidies, such as:
- Maternity benefit
- Child allowance
- Housing allowance (for families)
- Child allowance
Thinking about the future
And even if the future with a driver's license, study or training may be a long way off, as long as the child can't even walk, parents should take precautions as early as possible. For example, a special savings account or investing can help. If you're not quite sure yet, you should listen to the best financial podcasts, in which, for example, experts from Finanztip or WDR give tips on how to know.
Category list image: © Viktoryia Verstak/Imago