I was sent the following information from the Debt Advisory Line and thought you would be interested to read it. £218.000 to raise a child…what a shocker????
‘From preparing for the birth and stocking up on essentials to funding childcare and education; the cost of raising a child to 21 can cost parents more than £218,000 and many end up in debt before the baby is even born.With the poor economy and rising living costs, having the added pressure of a child can be daunting. According to Uswitch.com one in four pregnant women end up raking up debts whilst on maternity leave, with many cutting short their leave to alleviate financial pressure. And it’s not just preparing for a baby that proves expensive; once parents recover from the initial outlay for things like nursery furniture, pushchairs and equipment, they are faced with high costs for child care and education; costing parents a whopping £10,382 a year.
To help new and old parents cope with the financial burden of raising a child the Debt Advisory Line has put together some tips and advice.
Craig Gedey, Managing Director of Debt Advisory Line, said: “Times are hard at the moment and parents are finding it incredibly tough as they face the soaring costs of raising a child. For many the problem starts before the baby is born, with a reduced income battling against higher outgoings. We find many customers struggling with debt racked up during maternity leave and their problem is only exasperated by the high costs of childcare when they return to work..”
Whether you’re planning for your first child or already have a full brood, these tips will help you stay savvy when it comes to funding your family:
· Save – it’s an obvious point but many new parents underestimate just how much having a baby costs. If you have enough saved up it may help you avoid dipping into overdrafts and credit cards when on maternity leave,
· Buy second hand – things like pushchairs, cots and nursery furniture can cost a small fortune so see if a friend is selling their old baby things or look online for the best prices.
· And if you’re buying new – seek out the best deals online and keep an eye out for voucher codes.
· Know your rights – if you are pregnant or have had a child in the past 12 months you are entitled to free NHS prescriptions and dental treatment
· Never look a gift horse in the mouth – over the years many people will offer you gifts and hand-me-downs…accept them because kids grow up fast, making clothing them an expensive job.
· Get what you’re entitled to – you may be able to claim benefits and tax credit so find out what you can claim.
· If you are struggling with debt raked up during maternity leave or whilst raising a family, give Debt Advisory Line a call to find out the best debt advice for your individual situation.
Do youo think it will cost you £218,000 to raise a child? I’m hoping to cut a few pounds off that!!!
Do pop over and visit my sisiter site http://www.family-budgeting.co.uk