The average cost of raising a child in the UK, including housing and childcare from birth to 18 years old, is £202,660. That’s £11,258 a year.
We can sympathise with lower income households because the UK poverty line for a two-parent household with two children under the age of 14 is £20,099 per year.
I’ve come across many parents choosing to have one child as a result of this and opting to give that child a better standard of life financially.
Personally, I’ve always thought having a sibling is a nice balance when growing up, but I understand that’s not everyone’s view or option.
“My wife and I decided to have two children, which meant that £202,660 is now £405,320”
This is basically the cost of a one-bed flat in London these days.
Not to mention, we all aspire our kids to do well in life and get the best education so down the road they can be successful. It is not always the case but these days this could include a university degree costing an average of £28,000.
It’s debatable that if your children decide to take on a student loan, they’re now solely liable for paying off that debt plus interest.
As parents, I believe we have a duty to help our children and guide them into looking at options outside this traditional route or at least fund the cost.
“The numbers are estimates and scenarios do vary, but this gives you a rough idea.”
If you’re living on an average income then having a smart plan, family budget could take away the headache of penny-pinching, and you can truly enjoy living family life.
One thought on “Starting a family is amazing, but not cheap.”
Comments are closed.