How much will your little prince or princess cost?

A Victorian baby
Artist's impression of how the royal baby might look
"You never know what life is going to throw at you, so making sure that the mortgage is properly covered will give you peace of mind as you start your journey together as a family" John Miles, Gocompare.com
  • | by Kristian Dando

Unless you’ve been burying your head in the sand for the past day – and to be honest, we won’t blame you if you have – you might have realised that the royal baby has just arrived.

Most of us commoners won’t have the privilege of having millions of royal pounds in the family coffers in order to fund our first born, so we thought we’d take a look at what it might cost to fun the first year of your little prince or princess....

Royal baby fever

The Money Advice Service estimates the average cost of raising a baby in its first year is £3,710, but that costs soars to £5,105 if you treat your baby to all the luxury goods.

The average cost of nappies in a baby’s first year is a whopping £395- while feeding your baby purely on bottled milk will set you back £450.

And for a new parent who’s not very handy in the kitchen, buying all of a new-born’s food will cost around £520, as opposed to feeding a child on home-made food only could cost as little as £100.

But caring for a baby isn’t just about nappies, bottles and sleepless nights. It’s also about securing their future – not difficult if your dad is due to inherit the tax-free bounty of the Duchy of Cornwall, but rather more troublesome for rest of us. And this means thinking about the rather troublesome topic of life insurance.

Of course, nobody really enjoys thinking about their own mortality. But new parents might want to think about making sure that if anything happens to them, their children are looked after.

Gocompare.com life insurance expert John Miles pondered: “There’s a lot more to bringing up a baby than feeding and nappies, making sure they are looked after should the worst happen is also a serious consideration. You never know what life is going to throw at you, so making sure that the mortgage is properly covered will give you peace of mind as you start your journey together as a family.

“I know that life insurance is no doubt the last thing on your mind when you’re in the throes of new parenthood – but thinking about these things early on will save a lot of heart ache later on, and it needn’t cost the earth for peace of mind.”

For more information on life insurance, step this way for a handy guide.