Congratulations to the Duke and Duchess of Cambridge on the birth of their second child, Princess Charlotte.
Like any other new parents they will be thrilled and excited at the arrival of their new baby. What I don’t think they will have to worry about though is the cost of raising their little Princess over the next 18 years.
According to a new report produced by the Centre for Economic and Business Research, the cost of raising one child to the age of 18 is almost as much as buying the average UK house!! That’s £227,000!
Now that is a scary thought for any new parent.
Amongst the many costs listed, the first major blow to the family finances is that of childcare. The report says that full time childcare costs more than private education with amounts of between £11,000 to £14,000 a year quoted. The decision to leave your child with someone else, even the best nanny, nursery or childminder is hard but add in the huge cost of childcare and this decision becomes a nightmare.
Employers want to help their employees return to work. The government however are currently planning to take this ability away from them by introducing a new form of help with childcare that necessitates new & busy parents signing into a government portal every 3 months and paying in money to get a small tax top up from the government.
To all parents who are new to parenthood or who have been struggling to balance the demands of their jobs alongside their childrens childcare needs, we can help you ease the cost of your childcare through our childcare vouchers and workplace nursery benefit.
These are two benefits that the employer can offer, that will help with both the return to work decision and the on-going costs of childcare. They are both simple ways for parents to save tax and NI on all forms of childcare costs and be supported by their employer. To find out how much you can save on your particular childcare, just follow the links below:
For more facts and figures on “why you should call your child Bill”, click here.