This Is The Cost Of Raising Two Children For 25 Years

With one on four households with young children struggling to meet back to school costs, it will come as no surprise that being a parent is an expensive business. According to a new report however, it's probably more expensive than we ever really imagined. According to a report in the Irish Times, Irish parents of two children will spend around half a million euro over 25 years as a direct consequence of their offspring - and that's not including a mortgage deposit or a wedding. Basing his figures on a UK study from the Centre for Economics and Business Research,which estimates that a typical parent in the UK will spend £231,843 (€271,950) raising a child born in 2016, Conor Pope worked out that Irish parents will need to shell out even more. Irish parents of two can expect to spend more than €540,000 on raising a family. An to do that they will need to earn more than €1 million during just over two decades. Pope's figures account for an average €8,000 in hospital fees for two births if you decide to go private, €72,000 in trading up to a bigger home, €90,000 in creche fees before primary school and €2,000 on nappies. The cost of eight years of 'free' primary and six years of secondary school racks up an additional €34,000 for two children, €27,200 in after school care and €40,000 in college fees. Santa Clause will set parents back around €19,200, with summer camps adding up to more than €5,000 and annual family holidays totaling more than €27,700. When all these expenses and a few more are totted up, according to Pope's figures the total cost of raising two children in Ireland comes to €497,100. Luckily, as most mums and dads will agree, they're worth every cent. Join the conversation on Twitter @HerFamilydotie.