Starting a family is probably the biggest single life-changing event in your life. Raising a family has an enormous impact on your financial circumstances. It is very difficult to estimate the cost of having a baby and starting a family.
The costs of raising a child vary according to who you ask, for example:
A Joseph Rowntree survey indicates a figure well in excess of £50,000 from birth to age 17.
According to a friendly society Liverpool Victoria's most recent annual Cost of a Child survey, Parents typically spend £165,668 on raising a child from birth to the age of 21. This works out at £7,889 a year and represents a rise of 7.8 per cent on last year's survey, more than three times the rate of inflation, and up 18 per cent on the 2003 survey.
An American Express survey suggested a cost of between £3,000 and £5,000 in the first year.