Putting a price on parenthood

As anyone with kids will tell you, raising children can be expensive.

The cost of raising a child from birth to age 18 will set you back about $285,000, or around $16,000 a year.

Not that cost is likely to be on the minds of two of the country’s newest parents, Prime Minister Jacinda Ardern and partner Clarke Gayford.

And given the PM’s salary tops $470,000 a year, it’s unlikely to be a problem, at least for the next couple of years.

According to BNZ’s baby calculator, new parents will need about $304 a week or $15,834 a year to raise a child, on a medium-spend budget. On a high-spend budget the weekly amount needed increases to $405.

Parents can expect to pay an average of $1470 a year for food and nutrition supplies for their baby, including breastfeeding gear, solid food, utensils and bibs and $1750 for items such as nappies and baby wipes.

The greatest expense is childcare, costing parents an average of $8750 a year for one child.

Keeping baby entertained or taking him or her to see family and friends or to enjoy some fresh air also comes at a price.

Parents can expect to spend $280 a year on playtime accessories such as an activity mat, rattles, mobiles and a bouncinette, and about $650 a year on a car seat, stroller and a carry pack.

The weekly cost increases when the baby becomes a toddler.

BNZ estimates parents spend an average of $391 a week for a child aged 1-3, or a yearly total of just over $20,000, as the cost of all categories increases significantly.

The cost of just clothing for a toddler is estimated to be $800 a year, up from an average of $220 for the first year of a child’s life.

Raising a child in Britain is significantly more expensive.

According to National Westminster Bank, the cost of raising a child from birth to 17 is £192,187 — or $370,500 — over $85,000 more than it costs to raise a child until age 18 in New Zealand. It estimates the annual cost of a baby aged 12 months and under as £9364, or just over $18,000.