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Sort Out Your Family Finances: Children and students

by Bob Reeves

According to recent statistics each child will cost approximately £180,000 to bring up. For the same money you could buy a typical 3-bed family home in Leicester or ‘his and hers’ Aston Martin DB9s. That aside, we all know our children are worth every penny which is why we try to provide for them financially from the day they are born.

Financial decisions about are children are difficult to separate from the emotional decisions that we also have to make. For example, many parents would like to send their children to private schools to give them the best possible start. If you are going to do that you need to plan for the entirre length of their school life. It could be very disruptive to get them to Year 8 and then run out of money!

Looking further ahead university fees are likely to rise again over the next few years. Currently they are just over £3200 a year, which means that you or your child will have a £10,000 bill for three years at uni. And that’s just the tuition. Depending on where you child goes to university, you can expect it to cost £10,000 per year.


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