Counting the cost of bringing up baby in Bishop’s Stortford? Our Independent Financial Advisor's at Enable know it has always cost to have a family and can help you make sensible financial planning; savings and investments to help manage those costs. According to the Halifax the average cost of raising a child up to the age of 11 increased to £8,307 a year in 2011, the figure represents a 15 per cent increase over the last five years and means that it now costs more than £90,000 to raise a child to secondary school age.
It says inflation, as measured by the Retail Price Index, increased by 18 per cent over the past five years and parents now spend around 18 per cent, of their income on bringing up a child. Cost associated with education have increased by 24 per cent in the last five years, with uniforms, equipment, school lunches and school trips adding up to £849 in 2012. Child care costs have also increased, with nurseries and child-minding costs up by 22 per cent in 2011. Together, schooling and child care costs account for half of the total annual amount spent by parents on raising their children.
Spending on food and holidays fell in real terms, according to the study. In 2011 parents spent £889 feeding their children in 2011, an increase of 14 per cent from £780 in 2007, while the cost of holidays for children increased by 16 per cent to £740. Parents spent £513 on children’s clothing in 2011, 15 per cent less than in 2007.
Showing posts with label financial tips for parents. Show all posts
Showing posts with label financial tips for parents. Show all posts
Wednesday, 5 September 2012
Wednesday, 9 May 2012
South Asian millionaires increasing - do you need to revise your investment options?
A BRICdata report has recently suggested that the wealth management market for South Asian millionaires living abroad will increase in the next four years. As many as 21.6 million persons of Indian origin (PIO) and non-resident Indians (NRI) are currently living overseas, with the largest proportion of millionaires residing in the US. This is followed by the UK, the United Arab Emirates, Canada and Hong Kong.
The compound annual growth rate (CAGR) of the wealth management market for NRI millionaires living abroad rose to 9.4 per cent over the 2007-2011 study period. BRICdata also expects the total wealth of these individuals to increase by another 6.9 per cent by 2016.
The number of non-resident Pakistanis (NRP) living abroad reached eight million last year, according to the report, with the majority of millionaires living in the UK, followed by United States, the Persian Gulf and Canada. The Persian Gulf counties also hold the largest number of Bangladeshi millionaires, with 5.4 million non-resident Bangladeshis (NRB) currently live away from their home country. With 2.5 million persons of Sri Lankan origin and non-resident Sri Lankans (NRSLs) living abroad last year, Singapore had the highest proportion of millionaires.
It would seem that the South Asian markets are serving their entrepreneur’s well. If your wealth needs managing the Asian markets will probably prove vital for future growth. Enables IFA’s are always happy to talk through your investment options.
It would seem that the South Asian markets are serving their entrepreneur’s well. If your wealth needs managing the Asian markets will probably prove vital for future growth. Enables IFA’s are always happy to talk through your investment options.
Thursday, 26 April 2012
Top financial tax tips for Parents
Remember to take full advantage of whatever opportunities you can to make pension contributions, with pension plans the government contributes whenever you do, by rebating the income tax on your contributions, and try to increase your regular pensions savings as and when you can; or pay in a lump sum after a windfall such as a bonus.
At Enable our IFA’s will always suggest you use as much of your £10,680 ISA allowance as possible before the end of the tax year. ISA’s are a great way to save for your child's wedding or fund university fees. A cash ISA can be earmarked as an emergency fund to help you and your children with more immediate concerns. While an ISA in equity funds can be there for a rainy day and you have the chance of greater tax efficient growth over the longer term.
Enables’ Independent Financial Advisors also like to check to see if you can save on tax by you and your spouse taking a team approach to your Personal Allowance. The amount you can earn tax-free each year is currently £7,475 a person. If you shift assets to the one of you with the lower income, you could pay income tax or capital gains at a lower rate.
Think about the whole family and remember that children have tax-free allowances too and Junior ISAs are now available. Our IFA’s like to help parents make the most of their hard earned cash.
At Enable our IFA’s will always suggest you use as much of your £10,680 ISA allowance as possible before the end of the tax year. ISA’s are a great way to save for your child's wedding or fund university fees. A cash ISA can be earmarked as an emergency fund to help you and your children with more immediate concerns. While an ISA in equity funds can be there for a rainy day and you have the chance of greater tax efficient growth over the longer term.
Enables’ Independent Financial Advisors also like to check to see if you can save on tax by you and your spouse taking a team approach to your Personal Allowance. The amount you can earn tax-free each year is currently £7,475 a person. If you shift assets to the one of you with the lower income, you could pay income tax or capital gains at a lower rate.
Think about the whole family and remember that children have tax-free allowances too and Junior ISAs are now available. Our IFA’s like to help parents make the most of their hard earned cash.
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