Cost of raising a child unveiled

Raising a child will set people back thousands of dollars, new research shows.

The significant cost involved in having a family has been unveiled.

Figures released by Practical Parenting magazine reveal that raising a child to the age of five will set parents back by an average of $56,611, with health, education and entertainment among the areas that money is spent on.

Meanwhile, mums and dads typically spend $7,411 on preparing their home for a baby before it is even born, News Limited reports.

"Kids come first in today's world - and mums won't let them go without. It's not about spoiling them rotten, but more a reflection of the age we live in," Mara Lee, editor of Practical Parenting, states.

As such, those looking to prepare for a growing family may wish to consider taking steps to place money into saving accounts, in addition to using a credit card to fund purchases.

When their children are a little older, parents may also wish to encourage their offspring about money matters.

In a News Limited article in September, Libby and David Koch advised those looking to issue tips for savings to promote the idea of shopping around for competitive deals.

Posted by Nate Sawyer