During a child's first 18 years, parents spend an average of SEK 670,000 on food and other household expenses, according to a calculation made by the bank SEB. Clothing, children's equipment and insurance cost an additional SEK 520,000.
It can be difficult to understand how much money it is because it is not paid in a lump sum but over many years, says Américo Fernández.
In total, SEB estimates that a child costs just over SEK 2.2 million - including many families' need to move to larger accommodation, which the bank estimates costs an average of SEK 580,000.
Most expensive at the beginning and end
If you also work part-time, which many parents of young children do, the cost increases to almost SEK 2.9 million.
It's a classic personal finance trap. It means a fairly large loss of income, because it's not just a loss of salary but also of pensions, says Fernández.
Costs are particularly high during the child's first year of life. This is when many more expensive purchases are made, such as strollers and car seats. Then the costs decrease drastically - only to increase again as the child gets older.
A second child is also often not as expensive.
If you have more children, you're more likely to inherit clothes and belongings.
Others can be cheaper
But there is a lot you can save even with one child, says Américo Fernández. In its calculation, SEB, for example, has included SEK 90,000 in child allowances.
It's not a must and not something everyone has the opportunity to do. Giving your children a good financial upbringing is not about giving them money but about teaching them the value of money, and you can do that in many different ways, he says.
The sum of SEK 340,000 for extra entertainment - which includes gifts, vacations and your own bus pass - can also be skimped on.
And you may need to be stingy: It has become much more expensive. In 2016, a child cost an average of SEK 1,280,000 during their first 18 years, excluding the cost of any part-time work. Ten years later, the same figure is SEK 2,220,000.
Prices have risen. At the same time, the only positive item - child benefit - has been more or less unchanged and has even been eroded by inflation, says Américo Fernández.
Are you planning to have children within the next year? SEB's private economist Américo Fernández gives two main pieces of advice:
Save for a starting fund: Aim for around SEK 50,000 for expensive purchases like a stroller and car seat. Consider buying used to reduce costs.
Plan parental leave early: Discuss how you will divide leave well in advance. Whoever is home the longest will suffer a greater loss of income and may miss out on career advancement. Make the decision before the baby arrives and emotions take over.
Source: Américo Fernández, SEB
