It costs to raise a child but be savvy with your cash and you could save a small fortune
Can couples afford to have children? Only by being very savvy with their finances, says LAURA ERSKINE, head of community at Mummypages.ie A survey once showed kids cost €276,000 to bring up – excluding accommodation costs and smartphones. Are children becoming unaffordable? The cost of €276,000 put forward by the survey covers the lifetime of the child and their education, so it is spread out over a long time – although it seems excessive to me. Mums are typically the ones who control the purse strings and we have become adept at cutting our cloth to suit our measure. There are certainly expenses that can be significantly reduced or indeed cut by a savvy mum who budgets and analyses her spending. We’ve had some progress on childcare. But is the Government doing enough? The short answer is no. The Government schemes launched in recent years have served only to drive up the cost of childcare, with services increasing their prices so the meagre discount afforded by the Government scheme is wiped out. Subsidies for childcare services should be provided to the parents in the form of a monthly payment or tax credit, so that each parent can choose the childcare model that best meets their needs. Not all parents wish to avail of creche facilities – unusual working hours or family dynamics may deem a nanny or registered childcare professional in the home more suitable. Guilty treat for yourself? A brand-new car. I have never owned one from new. I am currently lusting after the Skoda Kodiaq 7-seater. The play-dates are endless and the current car is simply not big enough. I’m hoping to strike a deal with a car dealership! What was your most expensive fun purchase? Tickets to Electric Picnic in 2016. I was approaching my 40th birthday and had never been to a festival (it was on my bucket-list) I had to see what all the fuss was about! Were you ever scammed online? Yes, trusting a seller on adverts.ie when buying tickets for the sold-out Coldplay gig in Croke Park last summer. I transferred €300 and he never posted the tickets. Best financial decision? Starting my pension the first day I started full-time employment. I was Any financial tips for mothers? Check for special offers, loyalty scheme rewards and discount codes online before parting with your hardearned cash on products or services. Very often if you ask a member of staff, you will find there are offers you may be eligible for. Watch out for the MummyPages+ Family Rewards Programme launching in September – it will save you hundreds on everything from day-to-day purchases to family activities and much more. Ever been ripped off? Yes, unfortunately. I bought a second car from a small car garage (not a main dealer). The offer seemed too good to be true but the 12-month warranty persuaded me to go for it. I should have listened to my instincts. The car let me down three times in the space of the 12-month guarantee, and peculiarly, none of the diagnosed faults were covered under the guarantee. Moral of the story: check the small print and if an offer seems too good to be true, it probably is! What would be your ideal holiday? An adult-only holiday (no children) in the sunshine to recharge my batteries. Name three things you’d do if you were made minister for finance tomorrow? 1. Introduce a childcare subsidy for situations where both parents work (inclusive of single/separated parents). 2. Equalise the financial benefits for (registered) co-habiting couples and married couples. 3. Make pension contributions mandatory for all employees and reinstate the raided National Pension Reserve Fund at no cost to the workforce.