2021-07-15 09:30:29
1. Work out the costs of family life Anyone with children will tell you the same thing: they aren't cheap. You'd need to spend more on food, frequently buy new clothes for them, and be prepared for a whole lot more expense.
The Cost of a Child report from Child Poverty Action Group revealed the basic cost of raising a child until the age of 18 is £75,436 for a couple and £102,627 for a lone-parent family. This rises to £155,100 and £187,100, respectively, if you throw childcare into the mix.
While you can earn and spend your money as you like when you are single, with children you must make sure that your family's needs are met first.
You may even lose a family income source, if you or your spouse stop working to stay at home to take care of children.
All of this means it is essential to have a solid grip on your finances to ensure a comfortable and financially secure life for your family.
On top of this, you'd need to consider the cost of running your home. If you are a homeowner,
7 viewsBeat Support Newmoney Investment And NEWSTARS-MINERS, 06:30