Tuesday 23rd of February 2010
A new survey reveals that more than £200,000 is likely to be forked out by parents to cover the cost of raising a child from birth until the age of 21.
The LV= Cost of a Child survey says this adds up to more than £9,000 a year, £800 a month and £26 a day.
But for those of you who probably do not dispute the figures - and constantly struggle to make ends meet - then you may find an individual voluntary arrangement (IVA) answers your parenting struggles.
If climbing debt impacts upon how much you can spend on your family, then you may decide enough is enough and start making headway into your debt.
The poll shows that childcare is the biggest expense for you, followed by education, food and clothing.
Commenting on the figures, Mike Rogers, LV= group chief executive, says: "I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them."
Those of you whose little ones have yet to arrived may want to use an IVA to clear your unsecured debts as soon as possible so that your family finances are in as strong a position as possible to deal with future costs.
By Rachel Powell
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA answers may benefit Brits still battling financial troubles
