As soon as the pregnancy or the adoption project begins, the expenses arrive. In addition to medical expenses, you must not neglect:
childcare equipment (baby furniture, car seat, stroller and all the small childcare equipment such as baby bottles, dummies, nappies, etc.); and
pre-school childcare costs.
The budget required to buy all these items before your first child arrives can vary enormously, especially depending on whether you buy new or second-hand, and whether or not your friends and family can help out...
With regard to childcare costs, the fees are just as variable. Recently, it was estimated that the average cost of a nursery place is approximately 465 euros per month. This figure is only indicative, because the exact amount will depend on the type of care (private carer, subsidised nursery, etc.), the time spent in care (full-time or part-time) and your family income which may allow you to find subsidised care.
Good to know!
In 2025, the price of subsidised nurseries will come down. The reduction will be inversely proportional to the family’s level of income. For example, households with a net monthly income of less than 4,000 euros will be able to benefit from a reduction of up to 34% compared to current rates.
It will probably be difficult for you to save during the nursery years. However, you can open a savings account for your child from birth and pay in all or some of the money received in gifts at birth, on birthdays and other occasions for this expensive time.
Then, when your child goes to infant school, your monthly childcare costs will be reduced because infant school fees are lower and access to the school is free. You may then have a little something to put aside each month to go towards your savings plan. This can be done all the more easily by setting up a standing order.
Average cost* of raising a child aged 0 to 5: approximately 350 euros per month (excluding childcare costs).
"}},{"componentType":"sectionTitle","title":"How much does it cost to raise a child between 6 and 11 per month?"},{"componentType":"paragraph","richBody":{"value":"Access to public primary education is free of charge. But you will still have other outlays such as school outings, school uniform costs, hot meals and day care before and after classes. These expenses vary depending on the school. In addition, they often offer the possibility of spreading out larger payments over time, such as those for winter sports school trips, for example.
In the first two years of secondary school, school supplies and books are free of charge. Then, from the third to the sixth year, overall school supplies (including sports gear, etc.) cost close to 300 euros per child at the start of each new school year. In Flanders, there is also a maximum invoice for nursery and primary education. This invoice states that educational costs must be free of charge, as well as the maximum parental contribution.
Good to know!
In some cases, you will receive a tax form for non-school childcare expenses, which you can include in your tax returns to recover some of your child’s costs.
Average cost* of raising a child aged 6 to 11: approximately 450 euros per month (excluding childcare costs and extracurricular activities).
"}},{"componentType":"sectionTitle","title":"How much does it cost to raise a teenager between 12 and 17 per month?"},{"componentType":"paragraph","richBody":{"value":"Secondary education is also free. The same expenses as for primary school apply, bearing in mind that supplies may cost more depending on the study options taken as these may require specific equipment. For example, back-to-school expenses can be as high as 750 euros per student when computer devices are required (this is quite frequent and occurs early in the school year) and up to 1,160 euros or more for students taking technical subjects.
Average cost* of raising a child aged 12 to 17: approximately 550 euros per month.
"}},{"componentType":"sectionTitle","title":"How much does financing a young adult from 18 to 24 cost per month?"},{"componentType":"paragraph","richBody":{"value":"Higher education is the biggest budget item for this age group... the biggest of any age group in fact!
The highest education expenses are:
college and university tuition fees, which vary depending on the institution;
student accommodation fees, which vary greatly depending on the city (rents are particularly high in Brussels and Antwerp) and the type of accommodation (room on campus, bedsit, shared accommodation, co-renting, etc.);
transport costs;
daily living expenses: meals, outings, etc.
In 2023, the average rent for student accommodation was 565 euros per month. This amount has risen steadily in recent years (due to inflation, the increase in energy costs, the cost of living, the shortage of accommodation, etc.) and this trend is likely to continue.
Average cost* of raising a child aged 18 to 24: approximately 660 euros per month (excluding study costs).
Average cost of a year of higher education:
more than 16,000 euros for a student in student accommodation;
nearly 11,000 euros for a student who lives with their parents and commutes to college or university.
It is possible to obtain a study grant for higher education. Amounts vary between 400 and 5,000 euros and depend on several factors, including the parents' level of financial resources and the type of legislation in force at the time of application. The application can be done online or by post.
"}},{"componentType":"sectionTitle","title":"Saving for your child’s future"},{"componentType":"paragraph","richBody":{"value":"If you want to start a family, ideally you should try to start a savings plan as early as possible, even if the monthly amounts are small. Apart from that, it would not be realistic to give any absolute rules since the circumstances of each family differ. For example, some households will not be able to save while their child is between 0 and 3 because the child is in a private crèche on a full-time basis, while others would be able to save at this time if the family can look after the baby.
Save as you can, when you can, and above all reassess the situation regularly. This is a strategy that should help you raise your child with financial ease of mind.
* These calculations are for illustrative purposes only. The “monthly living cost” includes food, household energy costs, games, “classic” healthcare, etc. Childcare costs, school fees, sports clubs, “exceptional” medical costs, etc. are not taken into account.
"}}]},"complementaryZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Also consider!"},{"componentType":"cards","cards":[{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Parenting: Saving for your child’s future","body":"Paying for their studies, buying a car, renting an apartment or buying a home... Find out how much to save for your child’s future projects.","image":{"transformBaseUrl":"https://assets.ing.com/transform/903e2679-8ed3-4770-8eb9-de4170018bfa/A-toddler-sits-on-the-floor-with-a-piggy-bank","type":"image","width":4500,"original":"https://assets.ing.com/m/6789f041bc1d62e8/original/A-toddler-sits-on-the-floor-with-a-piggy-bank.jpg","extension":"jpg"},"date":"2024-06-05","link":{"url":"/en/individuals/saving/how-much-to-save-for-a-child"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"5 saving tips to teach children how to save money","body":"Find out how to teach young people about savings accounts with these saving tips.","image":{"transformBaseUrl":"https://assets.ing.com/transform/1f0ac8a8-5d20-4567-94ed-cbabc5ea746c/Your-budget-header-3","type":"image","width":1920,"original":"https://assets.ing.com/m/b40c07f5f1c893/original/Your-budget-header-3.jpg","extension":"jpg"},"date":"2024-05-27","link":{"url":"/en/individuals/saving/teach-your-child-how-to-save-money"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"How to start future-proofing your child’s future","body":"How can you, as a parent, give your child the leg-up he will need?","image":{"transformBaseUrl":"https://assets.ing.com/transform/e69a7a38-d29d-4448-8c6d-ccf8bd237ad4/saving-or-investing-for-your-child-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/58e4354c1e1d4413/original/saving-or-investing-for-your-child-1920.jpg","extension":"jpg"},"date":"2024-06-10","link":{"url":"/en/individuals/managing-my-assets/investment-academy/start-up-capital-for-your-child"}}]}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","title":"Disclaimer:","richBody":{"value":"This information is provided for information purposes only and is valid on the date of publication of this article on the ing.be website, i.e. 06/06/2024.
You can read the full disclaimer here.