For those with families, it seems that we are paying more than ever and the numbers are in to back up our hunch.
For those with two children, the average cost of raising your children has risen to $812,000*. That’s a 50% rise in the last 8 years. However, household incomes over the same period have only grown 25%. That means that the growth in the cost of raising children is double that of income growth. Those with any more than two children will be pleased to know that research shows a sliding scale of costs once there are three or more children.
Childcare, education, food and transport are all contributing factors to these ever-growing costs.
Older children also cost more to raise than younger children. The cost of raising a teenager can be three times that of a baby or toddler.
GROWING YOUR FAMILY – TO WORK OR NOT TO WORK?
Do you have all the numbers to consider the best option for the secondary income earner to return to work? How do you calculate if the government incentives for childcare outweigh the increases to your taxation? Will the net take home pay be more or less?
This is a matrix which should be considered carefully, before planning the next step in growing your family. The results may surprise you. We are experts in navigating through a complicated overload of information-rich material and we will arm you with the exact facts and figures which will help you plan the next step in growing your family.
Or, if you are a single parent, what are your options around returning to work? Some solid number-crunching is needed to be fully informed.
COST OF UNIVERSITY
Statistics show that private education and then funding for university becomes the number one cost of raising a child for middle and higher income earners. The average figures are just short of $200,000* for a family of two children.
That is a hefty sum to uncover, especially as children are nearing high school with plans for their future looming. We work with our clients to plan for this early on, so there are no surprises as their children are growing older. A University fund is a smart way to provide choices for your children around their hopes, dreams and career choices. We can show you how to do this, and enjoy their high school graduation, instead of living with a little fear and panic inside.