Thursday, January 26, 2012
Category:
Consolidation
According to an annual ‘Cost of a Child’ report from LV=, it now costs £218,024 to raise a child from birth until they reach the age of 21. This is reportedly equivalent to £10,382 per annum or £865 per month.
The protection and retirement specialist’s report has revealed that in the last year there has been a 3.3 percent increase in the total cost of raising a child. Findings have shown that education and childcare continue to represent the greatest expenses, at £71,780 and £62,099 respectively. When it comes to education, it has been reported that the past twelve months have seen a 5 percent increase in spending, which marks the most significant rise.
However, with 76 percent of parents seeking ways to reduce their expenditure due to financial pressures, spending on toys and hobbies has reportedly fallen by 5 percent.
Since LV=’s first report in 2003, there has been a 55 percent increase in the cost of raising a child.
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Homeowners who are finding their family finances tight at the moment could consider taking out a secured loan to relieve the pressure. One of many finance options available, a
secured homeowner loan could be used to tie up any existing debts for example. By consolidating debts, borrowers could in turn reduce their current outgoings – thereby freeing up useful money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
