Before the wedding, you’ll find that it’s all about saving! But, even after the big day there are costs that lie ahead. Together with Angelic Diamonds, retailers of luxury engagement rings, we take a look at the costs that you’ll face after the wedding day, from starting a family to moving to a bigger home.
For a lot of newlyweds, starting a family is the next milestone after the wedding. 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 — let’s take a look at some of the costs that you can expect to face after pregnancy.
After adding the cost of nappies, baby clothes, nursery furniture, toys, and a pram, the cost of a newborn come to £3,120 in their first year. 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.
The decision of how you feed your baby can also determine cost. Add £165 to this yearly cost if you plan on breastfeeding, or a whopping £1,040 should you opt for bottle feeding.
When maternity leave is over, childcare is another cost to think about. 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.
You might not have thought about the costs of education, but if you want to send your child to a private school you may have to do some saving. The average annual outgoing of private tuition is £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.
It can all be very costly! And that’s before you add the cost of an average holiday (£3,133 for a family of four) and those Christmas and birthday presents.
Moving to a bigger home
If you’re starting a family or want a new marital home, you might decide to upsize. And, as with everything else, expenses follow.
Based on research carried out by 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.
You might come across a few hidden costs too. 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.
Buying a new car
After the fancy wedding day and before you start having children, you might need to trade that convertible for something more practical.
Naturally, car prices vary depending on a model, but whatever it is you’re guaranteed to need to fork out more than 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.
What Car? conducted research and discovered that 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.
Although strict saving may have been put on pause after the big day, you’ll probably have to dig deep again soon! 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 sponsored post, copy and images were provided by Media Works