The real cost of a new addition to the family

Starting a family is an expensive business – there’s no getting away from the fact that this is a big commitment. Recent research revealed that on average new parents will spend £184 a week on necessities such as food, clothing, nappies and childcare, equating to £9,568 in the first year of parenthood. This is a third of the UK average salary of £28,000.

cost of a new addition to the family

With statutory maternity pay of £139.58 per week this potentially leaves the majority of parents with a weekly shortfall of £44.42 – or more than £2,300 a year – even without taking other costs such as housing costs or food for adults into consideration.

Other than dipping into savings, stretching maternity pay and trying budgeting measures how else can you manage?

One less obvious but easy option is looking into if you’ve ever taken out PPI. And if you haven’t considered this as an option the end result could take you by surprise. Claims management firm We Fight Any Claim (WFAC) estimates that around 10 million Brits have yet to come forward to stake their claim on the £40bn assigned by the banks to payout to misled customers. It’s probable that you could be one of the millions of claimants owed anywhere upwards of £1,000.

According to WFAC, the average PPI offer is £1,247.61. Since the PPI scandal, a total of £26.2bn has been paid back to UK consumers. You might have seen WFAC on TV recently with comedy legend John Cleese fronting a series of no-holds barred banker bashing adverts.

We Fight Any Claim is one of the UK’s largest claims management companies having reclaimed over £340 million in compensation for thousands of customers since 2010. Find out more about how easy it is to claim at www.wefightanyclaim.com or by calling and to their team on 0800 355 0000.

To see video case studies of successful We Fight Any Claim customers visit https://www.youtube.com/playlist?list=PLr-shonCVPMxNjZ-swq2FkBp92qMmKxo9

 

 

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