Children are expensive creatures.
As lovely and rewarding as it is being a parent, there is no escaping the often crippling and unavoidable childcare costs.
For parents who choose to work, the childcare costs can be significant, particularly in the early years.
New research from The Family and Childcare Trust found average fees for one child in part-time nursery and another in an after-school club are £7,549 per year.
These childcare costs are higher than the average mortgage cost of £7,207 last year.
For parents using full-time childcare services, the average childcare costs of £11,700 a year are nearly two-thirds higher than the average mortgage.
According to The Family and Childcare Trust, since 2009 the cost of childcare has risen by 27%, making it increasingly unaffordable.
As things stand, children in England receive some free childcare (early education) from the term following their third birthday. This is 570 hours a year, and makes a useful contribution to the cost of childcare.
For parents with school age children, the cost of childcare is an important consideration when constructing and maintaining a robust Financial Plan.
Understanding how those costs might increase in the future is also important, to ensure your chosen childcare options remain affordable for as long as you want.
