Quick stats

£186,032 Average amount each child costs from the day they are born until they reach age 21, according to LV=. That's £8,859 a year, or just over £24 a day (and add a further £10,000 for each year you choose to educate your offspring privately)

£140bn Total amount UK parents now spend bringing up their offspring from baby to adulthood, including education costs, food, holidays and childcare (LV=)

Simple saver

Save hundreds of pounds by organising a baby shower, where generous friends and family can donate the essentials to get you through the expensive first few months when money is tightest.

Advanced saving tips

1. Keep feeding simple

Breast milk is free and by far the best for mother and baby if you can do it. Once on solids babies can, within reason (and without the addition of salt), eat much the same as you so long as it's been through a blender. So instead of expensive jars of baby food, freeze mushed-up batches of your own grub in ice-cube trays.

2. Don't bother with a baby bath

Hold your baby while you bath or shower to save on water and the purchase of a baby bath, which the baby will outgrow quickly anyway. Use olive oil to moisturise rather than expensive branded baby oil.

3. Try reusable nappies

Reusables will cut your nappy bills by more than half and are better for the planet. Babies get through more than 5,000 nappies in two years, at a typical cost of £970 for disposables or £390 for reusables, including washing bills, according to moneysavingexpert.com. If you are wedded to disposables, consider own-brand versions and keep an eye out for two-for-one supermarket offers.

4. Whenever possible, don't buy new

Borrow or buy second-hand baby equipment and clothing (other than cot mattresses, which should be new for health reasons) and avoid designer outfits. The NCT (National Childbirth Trust) holds regular second-hand sales across the country (nct.org.uk), while Preloved.co.uk is an online second-hand market full of bargains - and don't forget ebay.co.uk. Check with experienced mums which items are absolutely necessary - they'll give you tips like the fact that prams which convert into pushchairs last you longer, saving you buying two sets of wheels.

Also, seek out product discounts: some chemists and supermarkets have baby clubs where members get money off baby goods. And grab any free samples and discounts going - try babyfreebies.co.uk

5. Get swapping

Rein in your toy purchases by exchanging with friends or using toy libraries; contact the National Association of Toy and Leisure Libraries (natll.org.uk). Also consider freecycle.org - register online with your local branch, then find out what people in your area are giving away for free while giving away your own unwanted stuff.

6. Claim your benefits

Make sure you receive all the benefits you are entitled to - not least child benefit, which is payable to every child, whatever the family's financial circumstances. The rates for this tax year (2008-09) are £18.80 a week for the eldest child and £12.55 for each younger child. New mothers receive an application form with their "Bounty Pack" of goodies in hospital, or apply online at hmrc.gov.uk.

All kids registered for child benefit also receive a Child Trust Fund (CTF) voucher worth £250 (£500 for poorer families), to be invested in a tax-free CTF until they reach 18. You can top it up by £1,200 a year tax-free. At age seven, the state sends out another voucher worth £250 or £500, depending on your circumstances. Invest quickly to avoid missing out on potential returns (childtrustfund.gov.uk).

Claim any other benefits you are entitled to, such as Child Tax Credit, which is worth up to £545 a year for families with at least one child who are earning up to £58,175 (or £66,350 with a child under the age of one). Find out if you're eligible at hmrc.gov.uk or entitledto.co.uk

Nice little earner

Besides selling used/unwanted baby toys and goods on eBay, if your baby is particularly cute (aren't they all?) consider signing them up to a modelling agency. If your baby is accepted, earnings could be between £100 and £250 a shoot. Note, though, that agencies charge a fee (typically £100+) for holding your child's details and a commission of up to 25% for each job. Choose reputable agencies only.

Planet saver

Switch to organic, reusable nappies (of course), buy or borrow wooden toys made from sustainable trees, and get over any reluctance to put your baby in second-hand clothes. For more information on greening your baby, try browsing around treehugger.com.