The Cost of Kids: Is it Worth Going Back to Work?

28th August 2014
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The summer holidays will soon be coming to a close and with that comes the new school term, giving parents a chance to get some peace and quiet, but at a cost! Here we take a look at how much it really costs to send your kids back to school and whether giving up work could cost you less than childcare.

Cost of Kids
We all know children are a joyous but incredibly expensive part of life. From food and clothes, to education and childcare, having children is a financial minefield. With most children heading back to school in the next few days, the Money Advice Service has reported that it costs parents an average of £180 to get their kids ready for the next school term.

- 21% of parents admit that the cost of books, stationary, uniforms and excursions require them to dip into savings,
- 16% use a credit card to pay for the back-to-school items,
- A surprising 17% of parents worry about the yearly financial struggle surrounding the new school term and some even rely on overdrafts or loans to help ease the strain.

Childcare Calculator
The cost of kids does not stop at sending them back to school. Whilst being back in class may lessen the cost of childcare, it is that cost that could be avoided in the first place. Many new parents struggle to decide whether to go back to work at all, and considering that childcare can cost up to £1,000 a month, the question remains as to whether it may be cheaper to stay at home and look after the kids yourself. This is Money’s childcare calculator aims to help parents see whether the cost of commuting and daily spending is worth it in comparison to the prices a nanny or childminder would charge.

Some parents may decide that working from home or becoming a full-time parent is beneficial both for the children and the bank account, although many parents report struggles with the lack of social interaction that being a full time parent comes with.

Best Paid Jobs
If you have always wanted a huge family with lots of kids but not sure how you would pay for them, a report from American company Jobs Rated gives information on the top paying jobs of 2014! Unfortunately, none of the jobs on the list can be easily walked into and require years of dedication and specialised training, as well as hugely expensive tuition fees BUT if you want the best of both worlds, these industries do pay well!

- The healthcare profession boasts the largest array of high-salary jobs with surgeons and GPs earning £139,000 and £112,000 per annum respectively,
- Phsychiatrists, orthodontists and dentists made the top ten list,
- Other spots went to more specialised positions such as air traffic controller and petroleum engineer.

Read the full list here.

Keeping living costs down to a minimum can be hard work in today’s day and age but you needn’t overspend on your recruitment agency. If you are looking to better your lifestyle by finding a better paying job, or perhaps you have an excellent position available to be filled – RecruitmentRevolution.com can help you. We are a low cost online recruitment agency dedicated to helping people achieve their employment dreams.

Jamie Mistlin find me on Google+.

"it costs parents an average of £180 to get their kids ready for the next school term"