A lot of people have similar ideas as to what their future will look like, with most including finding a lifelong partner, marrying and starting a family. The fact that these things are in such demand can make them prohibitively expensive and it’s interesting to look at how much a traditional family future may cost.
Forgetting the emotional importance of these events overlooks their real value but contemplating the amount we spend on achieving this ideal future may raise some interesting questions about how you’ll be able to afford it all.
For help calculating income and savings you can take a look at Money Vista’s Salary Calculator to give you a starting block from which to establish a budget for your future life. Here we look at some of the most common expenditures you’ll come across and how much you’re likely to need.
Recent figures suggest that the cost of the average wedding in the UK has surpassed £20,000 and will continue to rise in the future. Considering how lavish and meticulously planned modern weddings can be, this will come as no surprise to a lot of people.
As costs skyrocket, traditions concerning who should pay for the wedding are largely being forgotten which means you’ll need to accommodate this cost into your own budget.
Experts suggest that the cost of raising a child from birth to the age of 21 has now reached a record £218,000, though this will largely depend on whether they go on to further education or not.
There is also great regional variation, with London remaining the most expensive place to raise a child in the UK. This means that parents are making more cuts to their own spending to provide for their children.
The average house price in the UK now stands at £250,000 and is expected to rise to £300,000 by 2015. While this is a difficult statistic to draw sensible conclusions from, due to large regional variations in price and an unstable property market, it’s interesting to compare it to the average UK salary of only £26,500 per year.
Pets can be incredibly expensive over time, particularly if they live long lives. It is estimated that a dog or cat will cost you around £17,000 over its lifetime, with a large portion of this cost coming from insurance which is needed to protect against heft vet bills.
Food and grooming costs must also be taken into account and due to inflation this figure is set to increase meaning that completing your family unit with a faithful friend could put even more pressure on your bank balance.