For many couples, planning a wedding involves many months if not years of planning. It’s a day that is much hyped up—and rightly so! But what’s next when the vows are said and the day is done?
Shedding some life on married life and its associated costs is Angelic Diamonds, a retailer of stunning engagement rings.
Many couples will start a family after they are married. In the US, the average time a couple waits between getting married and having a baby is three years. Of course, starting your own family can be costly — let’s take a look at some of the costs that you can expect to face after pregnancy.
Your bundle of joy can cost you an average of £3,120 in their first year, when you tot up the cost of nappies, clothing, furniture, toys and a pram. If you plan on attending activity classes with your new-born, such as sensory or swimming classes, you could face an additional annual cost of £465.50.
There is much debate about breast- and bottle-feeding and which is best; but did you know there is a difference in associated cost too? Add £165 to this yearly cost if you plan on breastfeeding, or a whopping £1,040 should you opt for bottle feeding.
Of course, childcare must also be factored in once maternity and paternity leave ends. Statistics have shown that for a relatively well-off couple in the UK, the cost of childcare is the highest in the world. In Britain, the average cost of sending a child under two to part-time day nursery is £122.46 per week. For full-time care, this rises to £232.84. It can depend on where in the country you live as to what costs you will face — part-time day nursery can cost around £42 more per week in London than the British average and full-time care increases by £73 in the capital.
Although it may seem a long way off, have you considered their schooling costs? If you are considering sending your child to a private school, you must consider the average annual outgoing of £14,102. At the age of ten, it’s likely that they’ll be asking for their first smartphone. If you’ll be the one to pay for this, you can expect to fork out around £27 per month — or £324 per year.
Don’t forget to add in the cost of holidays (£3,133 for a family of four) and those Christmas and birthday presents — nobody said having children would be cheap!
Moving to a bigger home
With the cost of a wedding behind you, you may turn your attention to your property and consider upsizing your home. Whether this is for investment purposes or to accommodate for a bigger family, you’ll face some extra costs when you do decide to make the move.
Moving to a new house in the UK was found to cost an estimated £8,885 according to Compare My Move. This cost is based on the average UK property price which is currently at £226, 071 and takes into considerations stamp duty at £2,021, estate agent expenses at £3,391. This overall cost also considers general moving costs, which can add up to £1,236.66.
Don’t forget about the costs associated with selling your existing house too. One of these is an Energy Performance Certificate (EPC) which can cost you between £60 and £120. It can often be worthwhile getting a professional survey of your new property before you buy it to check the condition of it to prevent you from losing out on money. These can cost from £400 to over £1,000 depending on the survey that you choose.
Buying a new vehicle
As your needs change — and your family potentially expands — you may need to invest in a more appropriate vehicle.
You can decide how much to spend on your car, but regardless, it’s almost certain to be a considerable cost both to buy and run. In fact, the running costs of an average family car in the UK costs £1,000 more than in the USA and Australia, £1,825 more than Japan and £2,000 more than in China.
What Car? has found that the top ten family used cars cost £8,000 to £14,000. And, if you were to choose a top new car, you can expect a family-suitable vehicle to cost between £16,995 and £29,495.
Undecided? MoneyUnder30 provide the following tips for choosing a car:
- If you’re looking for a cheap car that gets you from A to B, you should budget around 10-15% of your annual income.
- For a safer and reliable vehicle, budget between 20 and 25% of your annual income.
- If you consider a car as a lifestyle item and not just as a form of transport, consider spending around 50% of your annual income on a car.
Just because the wedding is over doesn’t mean your spending is too! With starting a family, moving to a new house and buying a bigger car, married life can be expensive — but it’s so worth it!