Starting a family can be an expensive business. According to the latest ‘Cost of a Child’ report from insurer LV=, it costs an average of £11,498 to raise a child to his or her first birthday in the UK. That covers costs including food, furniture, clothing, car seats, buggies, toys and childcare. The research also found that it costs an average of £231,843 to raise a child from birth to age 21 in the UK, making this more expensive than buying the average semi-detached house! For many parents, it’s the costs of starting a family incurred in the early months that hurt most financially, as they tend to be combined with a reduction or loss in earnings for one or both parents.
Putting parental leave on credit
This 647 word blog post looks at the cost of raising a child in the UK, with a focus on the first year and costs incurred during maternity or shared parental leave, along with some tips for keeping these costs under control and managing money worries during parental leave.