Friday 18 May 2018

The costs of married life after you say I do

There is a lot of excitement, planning and expense surrounding a wedding. But what happens after you both say I do in front of your loved ones? Married life begins and it is surprising the costs that can follow the wedding.

Whilst every marriage is different and some couples have already faced major milestones in their relationship and their life before marriage such as having children or choose a different path, for many couples once they say I do they plan for the future. Those plans can include the desire to start a family or move to a bigger home, all of which can be costly.

As many couples only think of the costs connected to their wedding day and do not think of the cost of future relationship plans and desires Angelic Diamonds who specialise in engagement rings looks at the costs that can come after the wedding day such as moving to a bigger home or starting a family.

Moving to a bigger home
Once the vows are over and settling into married life happens, many couples think of moving to a bigger home. Regardless of why a bigger home is wanted – to suit starting a family, investment purposes or starting afresh as a married couple – moving home comes with extra costs attached.

According to Compare My Move, the estimated cost of moving to a new house in 2018 in the UK is £8,885. This figure is based on the average UK property price which currently is £226, 071. It also factors in stamp duty at £2,021, estate agent expenses at £3,391 and general moving costs, which can add up to £1,236.66.

If you are buying a new home it is worthwhile remembering about a few extra costs. It is wise to get a professional survey of your new property before you buy it to check the condition of it and be aware of any issues with it. Professional surveys can cost from £400 to over £1,000 depending on the survey that you choose. Another cost is an an Energy Performance Certificate (EPC) which can cost you between £60 and £120.

Starting a family
Whilst many couples have already started a family before marriage or may not want or can have a family, many couples think of having children as the next big step after marriage. In fact in the US the average time a couple waits to have a baby after marriage is 3 years.

But having a family can be costly. Ignoring the many costs that can occur pre- and during pregnancy below are just a few of the costs that couples can expect when their little bundle of love is born.

The cost of having a baby can total £3,120 in the first year alone thanks to costs such as nappies, clothing, toys, nursery furniture and a pram. Other costs can add to that figure if you partake in classes with your baby such as sensory or swimming classes.

Childcare expenses can also play a huge part in the cost of having a family. Statistics have shown that for a relatively well-off couple in the UK, the cost of childcare is the highest in the world. In Britain, the average cost of sending a child under two to part-time day nursery is £122.46 per week. For full-time care, this rises to £232.84. It can depend on where in the country you live as to what costs you will face — part-time day nursery can cost around £42 more per week in London than the British average and full-time care increases by £73 in the capital.

After their first year of life the costs of having children are ongoing. Clothing, food, extra curricular activities, days out, Christmas and birthday presents and holidays (average holiday (£3,133 for a family of four) all have a huge effect on family finances.

A new car
If you are a couple who chose to start a family after getting married another thing to consider is changing car to a family-appropriate car. Of course this again can be costly.

In fact, the running costs of an average family car in the UK costs £1,000 more than in the USA and Australia, £1,825 more than Japan and £2,000 more than in China.

According to What Car? the top ten used family cars sit between £8,000 and £14,000. And, if you were to choose a top new car, you can expect a family-suitable vehicle to cost between £16,995 and £29,495.

If you’re unsure on how much to spend on a new car, MoneyUnder30 advise the following:
* If you’re looking for a cheap car that gets you from A to B, you should budget around 10-15% of your annual income.
* For a safer and reliable vehicle, budget between 20 and 25% of your annual income.
* If you consider a car as a lifestyle item and not just as a form of transport, consider spending around 50% of your annual income on a car.

Whilst it can be tempting to get caught up in the whirlwind excitement of a wedding and want to go all out financially for a lavish, once in a lifetime, memorable wedding day depending on your circumstances and hopes for the future it is worthwhile remembering that there are a few costs that can come into play during married life.

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