Being a kid isn’t as easy as it used to be; long gone are the days of mismatched socks and high-water ripped jeans. These days the fashion sense of celebrity tots is setting trends just as much as that of their famous parents. Whether your child wants to be the next Kingston Rosdale or Suri Cruise you can be sure of one thing it’s going to cost you money, lots of money.

Remember when jelly shoes were all the rage? Well today it’s mini Manolos and unlike when you purchase expensive shoes for yourself, these are not a long term investment, they will need to be replaced before your credit card is paid off to accommodate rapidly growing feet. And it’s not just the shoes, it’s an entire wardrobe. Shirts, skirts, dresses, school clothes, outfits for special occasions; with more children going designer these items will add up fast and that’s not counting accessories like matching handbags and jewelry. Unfortunately grown up tastes do not mean that designer children are less susceptible to getting dirty, tearing their clothes or losing the items that you have invested your hard earned money in.

There will also be pieces your child accumulates that you will want to keep safe for a lifetime. Your child’s first pearls or diamonds are an investment that can become a family heirloom one day and are worth protecting. This is where home contents insurance can become your saving grace in case of loss or damage. Accidents happen, the key to dealing with them is knowing that your investments are protected and your child’s favorite designer purse or bracelet can be replaced without breaking the bank.

If you think that it’s only the mini fashionistas that are going to cost you you’re not off the hook yet. Even if you’re child doesn’t care about the name on his or her sneakers there’s a whole world of expensive gadgets, toys and accessories that are becoming a common part of the cost of raising a child. When we were children it was a rare luxury to have a TV or phone line in a child’s bedroom but today about 50% of children will have a t least a cell phone and most kids will not be satisfied with last year’s models. We are talking iPhones, PlayStations, high definition television, cable; all items that will set you back financially and are easily lost, damaged, stolen or broken.

It’s tough being a kid these days, between cyber bullying and the pressure to fit in it is understandable that parents are willing to spend big to give their children the things they desire. Just be sure that you are able to protect the investment you make in these high priced items because before you know it it will be time to start investing in their first car and their college education and you will need to be ready.

Rebecca Jones is a financial blogger and contributing writer for Policy Expert