Most first-time mothers spend up to €1,000 (about R9 900) too much on their new baby in their first year.
The urge to overspend, combined with nervousness about childbirth, means it can cost as much as €5,000 in the first year of a new child's life, a survey conducted by the EuMom website and SuperValu found.
Despite being worried that they will overspend, nine out of 10 mothers told surveyors that they overspent by up to €1,000.
Many mothers conceded that a lack of understanding of the essential requirements for a newborn led them to spend more than they expected.
A majority of mothers have had to reduce their spending in other areas to be able to afford the expense of the new arrival, with a third cutting down on socialising and holidays also getting the chop. Some 97pc of mums surveyed had spent up to €5,000 purchasing items for their newborn in the first year alone.
Financial adviser John Lowe, commented: “Parenthood is one of the most exciting and joyful experiences in life; but it's clear, for parents today it does come at a price.”
He advised mothers to engage in careful budgetary planning. - Irish Independent