So much is involved in planning your big day. It can take years of planning and be a pretty pricey affair. Venues need to be booked, of course you’ll need a dress, a suit for the groom, flowers, an engagement ring followed by wedding rings, a cake and loads more. Yes, this can be done on a budget but in most cases people prefer to splash out on their special day.
After the confetti has settled and the honeymoon period is over there are other costs to consider, from starting a family, moving to a new larger home, upgrading your car, the list goes on.
Starting A Family
In many cases following a wedding and maybe a few years to enjoy each others company, the next big step is starting a family. Having a family isn’t cheap there are numerous costs that you will discover after the little one has entered the world. To begin with you will need a new necessities such as nursery furniture, clothes, toys, a pram, nappies. Combined these alone can cost thousands of pounds within the first year alone. There are numerous classes you can attend during the first year of baby’s life including sensory or swimming classes which will add additional costs.
Our choice in how we feed our new baby can also add to the outgoings. If you breast feed, you may need additional equipment such as a breast pump and bottles, nursing bras, breast pads etc costing around £200 the first year. Choose to bottle feed instead and the cost for that year will be far more with the need for bottles, sterilising equipment, milk powder. I used to pay approx £10 per pack of powdered milk which would last about 2 weeks making the overall cost for the initial year over £1000, ouch!
If you plan to return to work, who will look after your little one? Not all can afford to stay at home and raise their children and we don’t all have the luxury of having parents that can help even part time each week. You need to factor in the cost of childcare. In some cases you’ll be going to work to pay for child care. Weigh up whether the wage you will be bringing in is worth your time. In London the cost of child care can be extortionate. I know numerous people that have very little money left over after the paying for a nursery or childminder.
Another consideration is schooling. It may feel like a long way away when you first have your baby but take it from someone that has three children it’s not long before the time comes or you to pick which schools you wish to send them too. Local schools are oversubscribed so you may not be given any of your choices. Choosing to go private? Whether that’s your first choice or you are forced to due to the local council school selection you are given, private schools are not cheap and prices vary from around £9500 to approx. £13,000 per year and that’s just at primary level.
As children get older they begin to start asking for items they see on tv, items they’ve seen in magazines and those that their friends own. Whether it’s the latest toys, a prada bag, a new smartphone, a car the costs increase as they get older. As your brood grows so will the cost of birthday’s, Christmas’ and holidays. At the moment we are hoping to book a holiday for the five of us and it’s looking at costing around £3000.
Upgrading Your Home
You may consider moving into a larger home after getting married or as the size of your family size increases. A larger home is of course a great investment but will also incur extra costs should you decide to make the move.
Moving house itself isn’t cheap. According to Compare My Move, the estimated cost of moving to a new house in 2018 in the UK is £8,885. This is based on the average UK property price which is currently at £226, 071 and takes into consideration stamp duty at £2,021 and estate agent expenses at £3,391. If you include general moving costs the total can add up to £1,236.66. Moving in London will increases these costs considerably.
On the flip side when selling your home there are hidden costs to consider such as ensuring you have an Energy Performance Certificate (EPC) which can cost between £60 and £120. It can cost effective to get a professional survey of your new property before you buy it to check the condition first. The survey can cost from £400 to over £1,000 depending which you choose.
Buying A New Car
After moving house and starting a family, a car may be next on the list to accommodate your changing needs. How much you spend depends on you budget but a good car isn’t going to be cheap. You also need to take into consideration the running costs of your new set of wheels which seems to cost a considerable amount more in the UK then any other countries.
The top ten family cars cost between £8,000 and £14,000 according to What Car. Choosing a new car that is family friendly can set you back even more with a price tag of between £16,995 and £29,495.
Not Sure How Much To Spend?
MoneyUnder30 advise that for those looking for a cheap run around to get from A to B should allow around 10-15% of their annual income. Those wanting something a bit safer and more reliable should allow between 20 and 25% of their annual income. If the car is to serve multiple purposes ie. a lifestyle item not just a form of transport one might consider a 50% spend of their annual income on a car.
You might need to press the pause button temporarily on strict saving after your wedding as you can see there will be times when you need to dip into savings. Married life might be expensive with starting a family, moving to a new house and buying a bigger car but for the most part – it’s worth it!
What costs would you advise newly weds to be aware of?
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This is a collaborative post.