Monthly cost per child: £188

Paying for your child's trips out socialising with their friends for a night on the town racks up an astonishing £2,256 over the year, according to accountancy trade body AAT in their study on the price of children.

Cost-cutting tips: Providing nothing gets too out of hand, it's much easier, cheaper and safer to suggest that the kids can throw a house party every once in a while - you can do the food and drink shopping from a supermarket instead wasting money in a pricy bar on alcohol.

Set your children a limit to their budgets for nights out. Not only will this save money but it should also cut down those unhealthy overindulgences. Also look into local activities instead of seeing them off to the nearest city.