Jonathan Cattana : Author of How to pay for private school fees (and still have money in the bank)

Older kids cost more
You might think that you spend more on babies and young children because of all the new equipment: cot, pram, car seat, high chair, stroller and toys. But the costs accelerate rapidly with the age of the child.

For example, food costs are low when a child is aged zero to four, but jump five times when they are ravenous teenagers. Teenagers also spend more on transport, recreation and clothing, too. Expect to pay twice as much for older teenagers, in the 15 to 17-year age group, than for very young children, irrespective of the income of the family.

Don’t forget that kids are leaving the family home and entering the workforce later than before. Almost half of all 20 to 24-year-olds live at home with their parents and even among those aged 25 to 43, 12 percent live at home, according to official figures.

It makes good sense to budget, save and plan for your children’s major costs. Invest as much as you can each month and then add lump sums when you get a windfall, a bonus, a tax refund or a gift.