Thinking of starting a family? Or perhaps you’re wondering about the financials around raising children? Our guide detailing how much money you’ll likely spend on raising a child can help you make an informed decision.
Child Poverty Action Group (CAPG) released a report in 2020 that determined the average total cost of having children. This study found that, from birth up to the age of 18, the average cost of raising a child was £71,611 for a couple family, and £97,862 for a single parent family. However, adding on both housing and childcare costs to these costs, this is likely to rise to £152,747 and £185,413.
Raising a child in general takes a lot of planning, but especially from a financial perspective. When it comes to raising a child, or considering starting a family, there are certain considerations that can be taken into account:
Starting a family may be a deal-breaker for you – and despite the costs, the reward of raising children is guaranteed to outweigh that. However, if you’re looking to raise children and feel like you could provide a loving, safe, home for a child, there is way to do this without the finances becoming a burden – which is Excel Fostering steps in.
Becoming a foster carer can allow you the experiences of providing a secure environment to a child in need, but also provides a viable career path for you, or you and your partner. One of the main benefits for foster carers, aside from providing a rewarding career path and changing a young person’s life, is the competitive fostering allowances carers receive. This allowance is designed to take into account the number of children in your care, as well as if they need specialist fostering training in order to take care of, and is designed to be seen as a career – rather than a side job to your existing job.