For all of us a new arrival is an exciting time – but for many of us raising a child can be expensive. Your little bundle of joy can come with a large price tag – but there are ways to give your child the very best start in life without breaking the bank.
Planning ahead can be prudent when starting a family. Some recent statistics from the CEBR (Centre of Economic and Business Research)* show that the basic cost of raising a child in the UK, up to the age of 21, has increased by 63% from 2003, with the average total cost in January 2015 standing at almost £230,000.
Of that total cost, no less than 62% can be put down to fees and costs linked to childcare and education. In fact weekly childcare bills amount to 27% of the average salary.
It’s a good idea to think carefully, and honestly, about how much starting a family might cost. Start planning sooner rather than later, spread the cost over the course of the entire pregnancy if you can, and try to make sure your Experian Credit Score is in the best possible shape so you can spread the cost of large one-off payments.
Getting into the habit of reviewing your Experian Credit Report on a regular basis can help you understand more about how your credit report works, and how lenders use it.
The easier it then is to take control of your credit status – and increase your chances of being offered the best credit rates when you need it. Make sure everything is accurate and up to date, and query anything that isn’t. Taking care of your finances is a key factor in how you may get credit now – and in the future, when your little one starts growing up!
*carried out by the Centre of Economic and Business Research (CEBR) for the insurer Liverpool Victoria (also known as LV=)