A baby is born; you give up the spare room or study and turn it into a nursery. But childbirth it turns out isn’t the only hard thing about having kids it’s tough on your pocket too.
One leading insurance company put an unbelievable 300,000 on bringing up a baby to the age of 21. Looking at the breakdown of costs, 22,000 is on clothing, 35,000 for food, 139,000 on private school fees and 27,000 if you send them to university. God help you if you have triplets.
But if you thought it was just feeding, educating and clothing the little gems, think again.
Even if you do send them to state school, and shop for cheap outfits, children can still damage your purse strings.
A poll revealed that 50% of parents make home insurance claims because of damage caused by their children.
Claims included:
Food and drink stains
Broken windows
Broken ornaments
Broken DVD and video players
Jumping on and breaking beds and sofas
Even if you did scrape through their childhood without a major impact on your bank account, it doesn’t end there.
Flying the nest
Let’s say you got them through university and on their way to becoming a lawyer to help support you in your old age. Everything’s rosy, right? Wrong. A study by an investment group showed that a third of parents forked out money to help their children get their feet on the property ladder.
Kippers
You can’t even retire without still having to pay their way. ‘Kids in parents’ pockets’ or Kippers as they have become known, are eating into retirement funds.
Some grown-up children may leave home to go to university but come back home when they can’t financially find their feet. Part of the problem is the increased pressure of paying for university fees, where many young people start out their lives in debt before even starting their careers.
But don’t despair! With financial planning, it can all be worked out. And of course, children may cost the earth, but aren’t they worth it? Even if the loveable tykes did stain the cream sofa.
