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Money Made Easy 2015-16: The complete guide to making and saving money for the whole family by Laura Whitcombe, Mark King

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Having a child

Raising a child will change your life in all sorts of ways – most of them wonderful, of course – but one factor parents can underestimate is the effect it will have on their finances. While babies are expensive in their own right, the loss of one partner’s salary when caring for the child – or costly nursery fees if both partners continue working – can have a serious impact.

In 2014, it cost £11,224 on average to raise a child in their first year, according to research from insurance company LV=, which has been tracking the cost for the past 11 years. The annual cost rises to £15,271 between the ages of one and four, before falling to £12,118 a year between the ages of five and 10. It then dips slightly again to £7,869 between ...

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