How much does it cost to raise a child?

It’s often said that a child costs you as much as a house, but is that really true?

Children and houses have one thing in common: they cost money. But the amount a child costs you will depend on your disposable income and the choices you make. Another thing they have in common is that they cost more as they get older.

According to the Ligue des Familles, a child aged under 2 costs €306 per month. An 18-year-old costs twice that much, and for a 24-year-old the figure rises to €714 per month.

What about the cost of education?

Bear in mind that these are minimum costs that exclude childcare, education and special medical costs. In Belgium, the cost of education for children is still low, ranging from €313 per year in the first year of primary school to €1,416 in the final year of standard secondary school (technical and vocational schools are a little more expensive). And if your child goes on to higher education and lives away from home, you should be prepared to spend €7,000-8,000 per year.

So yes, children can be expensive. This means that it’s not a bad idea to make an early start with savings and investments aimed in order to cover those costs and prepare for your child’s future.

Are you expecting a happy event or have you recently become a parent? Contact our advisors and make your life easier, at least in terms of finance and admin! 

About Ask Your Bank

At BNP Paribas Fortis, we want to help you gain a greater understanding when it comes to managing your money, which is why we asked more than 1,000 Belgians what their main money-related questions and concerns are. With the Ask Your Bank series, we aim to make your life easier by addressing those matters in a fully transparent way: another example of Positive Banking.