If you have young kids now, I would advise you start building up a fund for them for the future to save the serious outlay of cash once your teen hits secondary school.
You may think raising babies is expensive business (and it is) but there is nothing more expensive than raising a teenager.
If you have young kids now, I would advise you start building up a fund for them for the future to save the serious outlay of cash once your teen hits secondary school.
Education is expensive for teenagers, especially with labelled uniforms and books - never mind the number of activities they may partake in. It is seriously dear and it gets worse as they get older:
1. Latest gadgets
Your teenager will want to have all the latest gadgets including a phone, laptop, tablet and probably a games console too! They may even like a smartwatch too and they'll no doubt want a HD TV in their bedroom too!
2. Must have clothes
Teenagers usually love clothes and enjoy wearing labels! They'll want to be the best-dressed teenager in town and you'll have to pay a heavy price for it. Penny’s will only be used for leggings, socks and PJs! If you are lucky your teenager will be happy to buy cheap tops and accessories, but this isn’t always the case.
3. Activities and parties
Teenagers usually partake in several extra-curricular activities and, of course, you want them to do as much as they can, but it is expensive. For sporty kids, the gear can be excessively priced, but all the kids need to wear the same, so you have little choice. Then, there are the gatherings or parties your teenager will attend, and they’ll need to bring stuff! Don’t forget the fees for drama, piano or football too as it all adds up!
4. Trips abroad
A part of school now is that teenagers get the opportunity to travel abroad and while it's great for them it's not so much for struggling parents. The trips can be anywhere from the UK to Spain and even further afield.
5. School
The first year in secondary school is terribly expensive and while you would consider the latter years to be easier; they aren’t! Third year brings expensive exam papers and exam fees, to name a few. If your teenager does TY it's another few hundred to add to your budget list. With TY, students travelling and going to places during the year it is a time that most parents will see their own pockets empty. Sixth year comes, and it is exam stress with study fees, books, exam papers, tutoring and everything else. That’s not forgetting the celebrations after the exams, the obligatory overseas trip and the deb’s ball!
6. College plans
College is expensive and unless you have some money put aside you could be heading for a huge fall. It comes quicker than you think, and it is a stressful time for parents. Of course, everyone wants their kid to go to college but there is no getting away from the price of education and travel expenses too.
The good news is your child will be well set up and, hopefully, they remember all your help and support throughout the years.
