“Becoming a parent is for most people one of the happiest days of their life, with a baby bringing so many joyful moments, but with costs rising, many families struggle to stay within their budget, resulting in overspending in parents having to budget wherever possible.

The latest figures from the life insurance broker, Reassured, reveal the true cost of a child is a whopping £225,521.35! That’s £12,540.02 per year until they hit the age of 18!*”

The study reveals that almost half (41.4%) of parents are spending more than their budget allows on their kids.

With the current cost of living crisis, 67.7% noticed childcare costs increasing recently, leaving over half (58.2%) concerned over their finances and 71.9% wish for more funding from the government to help with the rising costs.

So, to help parents navigate the high costs of raising a child, Reassured teamed up with the experts at comparison website NerdWallet to give five money-saving tips:

Claim up to 30 free childcare hours
If you have a young child, you may be able to claim for up to 30 hours of free childcare per week during term time – or for a full year, should you use less than 30 hours a week. To find out what you can claim in your country, visit the Government’s website. There’ll still be the nappies, trips and meals while your child is in a nursery but every little bit helps.

Consider hand-me-downs
Hand-me-downs are a great way to save money – and have a positive impact on the environment. If you have friends with children around the same age, it’s worth asking them if they have anything that would fit your child. Local marketplaces and apps like Depop, Facebook marketplace and Gumtree can help you pick up a bargain – you could even make some money by selling the items that no longer fit your little one.

Look out for school forums
To help parents keep up with the cost, many schools now have forums where parents can buy and sell quality school attire and equipment for a fraction of the new price, ensuring your kid is kitted out in the school’s colours and branding, and minimising waste

Visit voucher and cashback websites
Voucher websites like hotukdeals could be a great place to look for voucher codes and freebies. Sites like these can also give you a nudge as to which supermarkets are running promotions, with the validity of the offers voted by like-minded bargain hunters.

Similarly, cashback websites give you money back every time you shop online – on everything from clothes to toys and even activities.

Share toys and games
A great way to save on toys and games is to team up with other parents and take part in a swap shop, where you exchange toys to keep the little ones entertained. It’s important to set boundaries so you know what is being swapped and when you can expect your items back – and in what condition you expect them to be returned to you!

A spokesperson at Reassured comments on the study: “Especially in recent months, the cost of living has risen immensely, causing many families to struggle to cover the day-to-day expenses.

“Life comes with many challenges and taking out life insurance early can give some peace of mind knowing your children’s financial future is secured. As the UK’s largest life insurance broker, we compare different offers for you, finding the most suitable cover for your needs quick and easy.”