Parents-to-be should prepare by boosting savings accounts

The cost of being parents is such that they should prepare by giving their savings accounts a boost, it has been suggested.

Research conducted by Practical Parenting has shown that, on average, new mothers and fathers spend $7,411 preparing their home for their new baby, news.com.au reports.

Items such as designer prams, organic nappies and expensive blankets adds up to a high sum, the news provider asserted.

Furthermore, it was estimated by the magazine that the first five years of raising a child costs some $56,611.

Monthly costs including provision for health care, essentials, education and entertainment mounts to an average of $2,234, which may prompt people to consider looking for high interest savings accounts.

Practical Parenting editor Mara Lee commented: "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."

When it comes to paying for meals at school, mums and dads are increasingly opting for pre-pay online credit card payments, according to the Daily Telegraph.

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