Where’s my school year fund?
In various moments of the year, costs will spike. It might be travel or a few more dinners out during summer, celebrating the New Year or family members whose birthdays are clustered within a few weeks of each other.
For families with school-aged children, the start of the new school year is another moment. Costs might include uniforms, books, transport and school fees.
Having a household budget to save throughout the year and smooth the peaks and troughs in spending, may help.
This “how to” on making a basic budget, these six tips and this video offer some ideas on balancing finances throughout the year.
My best “investment”
School costs can be high but the value children bring might be described as priceless.
Studies by happiness economists suggest their arrival brings parents joy equivalent to a surprise windfall of many thousands of euros.
However, there is no escaping that a growing family will probably have a financial impact and, like other major changes in life, adjusting the household budget in response can be important.
In the Netherlands, NIBUD cites figures from the Dutch Central Statistical Bureau (CBS) that one child costs 17% of disposable family income.
In the United Kingdom, a 2014 Aegon survey says raising a child in the United Kingdom and supporting them through university adds up to GBP227,266.