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What Will It Cost You To Bring Up A Child?
A common question people ask when considering having children is: "how much will it cost to bring up a child?" While this question could have many different answers depending on various different factors, there is a general guideline as to how much it costs to bring up a child to the age of 18.
The cost of bringing up a child depends on various factors, including the year you plan to have your child, where you plan to live, and your household income. Other factors that will come into play much later in your child's life - such as a further education - will also have a significant bearing on the amount you spend to bring up your child. There are various ways you can estimate as to how much raising a child will cost for you - one being an online calculator tool. While figures can vary from year to year, such tools can help you get an idea of an average spend.
For instance, if you're planning to have a child in 2009 and live in the west of the country, and if your household income is £40,000 or more and involves two parents, your average spend for raising a child to the age of 18 is about £200,000. This takes into account housing, food, transportation, clothing, healthcare, childcare, educational and college costs, and a range of miscellaneous expenditures on a year to year basis.
How does that figure break down and what requires the most spend? The early years can be the most expensive with childcare and education costing an average of £53,818. This is with nursery fees, after school clubs and holiday clubs taken into account.
University usually comes next, figuring in at about £50,240 for four years total of study. Next is food, which costs about £1500 per year. Transportation alone - including school runs, trips to friends houses and running a taxi service for your teenager and her friends - comes to just over £1000 per year.
Then there are always miscellaneous costs, which require about £1000 per year. Finally, the cost of clothes figures in at around £700 per year.
Some might be daunted by these figures. However, it's also important to remember that your income is likely to increase over time. It's also worth keeping in mind that these are just estimates, and will vary from one household to the next.
If you are preparing to bring up a child, it is important to prepare yourself financially, whether that means setting up a child trust fund or opening an additional savings account and putting away a little money each month.
While these figures may be daunting for many soon to be parents, it's always important to remember that the rewards of being up a child always outweigh any financial costs.
About the Author Isla Campbell writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
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