Listed below is the average cost of a baby for the first few years:
It’s estimated that in years one to four parents are typically spending on average £63,224 in childcare fees.
In the UK the cost to send a child under the age of two to nursery is:
£138 a week part-time
£263 a week full-time
As you can see the cost of having a child is rather large but it doesn’t stop there. Above is just the first few years…. what about beyond that? What about university fees? The first car and driving lessons?
The average cost per year for universities in the UK is £6,000
Average cost of driving lessons in the UK is £1,350
Average cost new drivers spend on a car in the UK is £4,000
Although we are all aware that these things cost money, it doesn’t tend to cross our mind until we have received the invoice!
There is a simple solution to the ever-growing costs of having a child. When your children are in the early stages of infancy there are many outgoings each month like nappies and toys etc. So when your child no longer requires those expenses what do you do with the extra money?
Instead of increasing your months spending on the unnecessary, transition the spending into a future for your children to help reduce the expenses that follow.
This can be done by just funnelling these funds into cash saving or possibly, investing this money to maximise the growth and give your children the future they could only dream of!
It doesn’t have to be a large sum of money, even just saving £100 a month for 18 years you would have an amazing £21,600! Just think of the difference that money could make.
Want to chat with us to see how you could save for your children’s future? Just click here to get in touch and we can discuss with you in further detail.
*Please be advised this does not constitute advice and is for information purposes only.