Wednesday, September 20, 2006
Category:
Consolidation
The latest ‘Schools Sums’ index from the Norwich Union has shown that parents across the UK are set to spend £129 billion over the next 11 years.
The average cost of sending a child to a state school from the age of 5 to 16 is now just over £14,000 compared to £10,000 in 2002.
Everyday schooling costs adding to the bill include transport, food and shoes. The schools research also showed that parents should expect to buy an average of 43 shirts or blouses, 48 pairs of trousers or skirts, 38 jumpers, 37 pairs of shoes and 33 school trips per child.
Boys parents can expect to pay a slightly bigger total bill as they usually require more to be spent on after school tuition, clothes and after school clubs. Other costs the modern day parent can expect include mobile and internet technology.
Commenting on the research, Simon Quick from Norwich Union said ‘Many parents think of state schools as being free but the costs are significant. Over £1000 of parents money gets spent per child each year just covering the everyday costs of sending our children to school. This quickly racks up for families with two or three children and with an increase of £200 per child a year over the last four years, parents need to consider the increasing needs and demands of our children!’
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Parents who find that they have had to turn to credit cards to pay for increased costs could consider consolidating their debts with a secured homeowner loan. This could lower monthly repayments freeing up more income in the short term. Repaying borrowing over a longer term will increase overall interest charges and this should be considered when opting to
consolidate debt.
