There’s a lot of hype in the run-up to a wedding day, it takes years and years of planning- I should know, we’ve been engaged for nearly six years! But what’s next when the vows are said and the day is done? Married life — and it can be costly! Together with Angelic Diamonds, retailers of engagement rings, lets take a look at the costs that you’ll face after the wedding day, from starting a family to moving to a bigger home.
Starting a family
Having children is usually the next big step after marriage. The average time a couple waits between getting married and having a baby is three years in the US and this can be costly. What can you expect to face after pregnancy?
Including nappies, clothing, nursery furniture, toys, and a pram, the cost of a baby can total £3,120 in the first year of their life alone. If you plan on attending activity classes with your new-born, such as sensory or swimming classes, you could face an additional annual cost of £465.50. I’ve never done too many classes when the kids were really small but it really does all add up.
Feeding your baby will also cost – depending on what you use.. Add £165 to this yearly cost if you plan on breastfeeding, or a whopping £1,040 should you opt for bottle feeding. Expenses for childcare also need to be considered if you choose to go back to work after maternity leave. 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. Obviously your location in the UK has an influence on how much you pay — 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.
When first born, heir first day at school can seem a long way off. But, if you are considering sending your child to a private school, you must consider the average annual outgoing of £14,102 – crazy prices!. At the age of ten, it’s likely that they’ll be asking for their first smartphone like all their friends have! As you’ll most likely be the one to pay for this, you can expect to fork out around £27 per month — or £324 per year!
This is before you add the cost of an average holiday (£3,133 for a family of four) and those Christmas and birthday presents! Very costly indeed.
Upsizing into a bigger home
After the wedding, you might start to think about moving into a bigger home so you’ll face some extra costs when you do decide to make the move.
According to Compare My Move, the estimated cost of moving to a new house in 2018 in the UK is £8,885. This cost is based on the average UK property price which is currently at £226,071 and takes into considerations stamp duty at £2,021, estate agent expenses at £3,391. This overall cost also considers general moving costs, which can add up to £1,236.66. You also need to consider a few hidden costs if selling a house. One of these is an Energy Performance Certificate (EPC) which can cost you between £60 and £120. It can often be worthwhile getting a professional survey of your new property before you buy it to check the condition of it to prevent you from losing out on money. These can cost from £400 to over £1,000 depending on the survey that you choose.
Getting a new car
Perhaps you now want to swap that convertible for a more family-appropriate car – it’s up to you how much you spend on a new car, but you should expect it to set you back a few pounds! 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. Doesn’t this seem crazy? According to What Car? the top ten family used 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.
Even though strict saving might have temporarily paused when the wedding arrives, it’s likely you’ll have to dig deep again for the future! With starting a family, moving to a new house and buying a bigger car, married life can be expensive — but it’s so worth it!