Children And Your Annual Budget

The cost of raising a child form birth to the age of 21 has reached more than £186,000, new research shows. This is the equivalent of £740 a month or £25 a  day.

Since the insurance firm Liverpool Victoria  first began their research in 2003, the expenses associated with raising children have increased by a third. The prediction is that, the costs could rocket by a further 40% between now and 2012.

Parents can expect to spend an average of £100,000 on childcare and education, including university, £16,000 on food, £26,000 on holidays and clothes, £7,000 on leasure etc. The figure is expected to be £265,500 in 2012.

I’m not writing this to scare into throwing your arms up in the air and giving up; it is to spur you into putting a little more thought into your annual budget – the children need a unique place in it especially in the savings.

The Bible says in proverbs 21:5 “The thoughts of the diligent tend only to plenteousness; but of every one that is hasty only to want.”

Related posts:

1. Children Prefer Piggy Bank To Parents
2. Adult children are ‘sapping’ their parents’ savings
3. ISA for children – £9000 Fees for Students
4. Adverts 'Are Turning Children Greedy'
5. State Schools Cost You £16,000 per Child
6. Don’t Try To Get By Without A Budget
7. Winners and Losers in A Family Budget