Apparently the current average cost of raising a child till their 21st birthday no stands at more than £218, 000. Try doubling let alone trebling that sum and it can seem a bit daunting. Independent Financial Advisors Enable are experts in helping you make the most of your earnings and savings, putting in place financial plans to help you cope with the stresses and strains of family life.
It would seem childcare and education are the biggest cost to parents according to LV’s Cost Of a Child Survey. Childcare coming in at £71780 and education at £62 099. IFA’s like Enable can help you plan for managing these costs but one of the first things you should do when starting a family is make sure you are receiving any of the benefits you are entitled to. Child benefit for example is for parents with dependents up to 16 or until the age of 20 if in fulltime education. It is about £20 a week for your fist and slightly less for subsequent children, although every child will be entitled to some benefit. But remember families earning more than £50,000 p.a will not be entitled to the full amount and those on £60,000 or more will stop getting any child benefit in 2013.
Whether or not your family is entitled to child benefit Enable’s Independent Financial Advisors can try and help you get maximum benefit from you finances for your family.