Married life after the big day — what are the costs that lie ahead?
There’s a lot of hype in the run-up to a wedding day, it can take years and years of planning! But what’s next when the vows are said and the day is done? Married life — and it can be costly!
Starting a family
For many couples, having children is the next big step after marriage. 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. Whether your a blended family with children at the start of the marriage or your starting a family from scratch the cost can be expensive.
Let’s take a look at some of the costs that you can expect to face after pregnancy.
When you factor in nappies, clothing, nursery furniture, toys, and a pram, the cost of a baby can total £3,120 in the first year of their life alone.
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.
How you feed your baby can result in different outgoings too. Add £165 to this yearly cost if you plan on breastfeeding, or a whopping £1,040 should you opt for bottle feeding.
After maternity leave, child care expenses will need to be considered. 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.
When you first have a baby, their first day at school can seem a long way off. But, 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.
Upsizing into a bigger home
Once the big day is over with, you might start to think about moving into a bigger 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.
According to Compare My Move, the estimated cost of moving to a new house in 2018 in the UK is £8,885. 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.
If you’re selling a house you also need to consider a few hidden costs. 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.
Getting a new car
Along with moving to a new house and starting a family, you might want to swap that convertible for a more family-appropriate car.
Of course, it’s up to you how much you spend on a new car, but you should expect it to set you back a few pounds!
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.
According to What Car? the top ten family used cars sit between £8,000 and £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.
If you’re unsure on how much to spend on a new car, MoneyUnder30 advise the following:
- 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.
Even though strict saving might have temporarily paused when the wedding arrives, it’s likely you’ll have to dig deep again for the future! 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!
*This is a collaborative post*