The lifetime cost of raising a child has risen to a shocking £194,000* which is the equivalent of £9,227 a year or £769 a month from birth to the age of 21.  It is fair to say that starting a family can have huge implications on your finances. 

Without wishing to sound overly clinical, it is worth considering what sort of lifestyle you would like for your brood before deciding upon the number of children you choose to have.  Educating one child privately is an entirely different matter to sending three to the local public school and of course university fees and living costs are also a reality as the government aims to have 50 per cent of school-leavers attending university by 2010.** 

There are benefits available to families and it is essential to make sure you are receiving all that is due to you.  For example, saving your monthly child-benefit for your child’s first 18 years could provide them with enough money to see them through their degree. 

Please use our free guides and tools for further information.  To speak to one of our independent financial advisors please contact us or call 01225 44 88 32.   

 

*Source: http://www.guardian.co.uk/money/2009/jan/23/family-finance-childcare-state-benefits

**Source: http://www.telegraph.co.uk/news/uknews/1445144/Send-70pc-of-all-school-leavers-to-university-says-education-chief.html