How much do I need to raise a child? – Part 1

I read an interesting article about how much it costs to bring up a child in the UK. Are you ready to hear this…

According to Child Poverty Action Group: The cost of raising a child to the age of 18 is £166,000 for a couple. £220,000 for a solo parent. The biggest cost being childcare. Obviously, there are hundreds of variables, e.g. buying items secondhand vs brand new, having access to free childcare (e.g. grandparents), location, type of housing, etc

So what exactly have I done to prepare….

First: I made a spreadsheet that summarised my income and expenses. It’s not perfect, but I needed to understand how I would afford childcare costs down the line.

Second… never looked at it again. Honestly, who knows what the future might hold. At the end of the day, I will make it work. Parents always make it work. I have savings (although let’s see how much is left after fertility treatment), and with a baby, I wouldn’t be spending as much on myself (e.g. doing hobbies), and could downsize housing if needed to.

So if you have any tips on preparing for a child financially, send me a message 😊

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