The cost of raising a child is becoming increasingly expensive each year! With higher university fees, getting on the property ladder and the cost of weddings all proving too expensive for many young people to fund alone, parents are increasingly challenged to find ways of providing financial support for their children later in life.

With Prince Charles getting married for a second time last month, it was startling to learn that the cost of a wedding has risen a staggering 760% since his first venture down the aisle 24 years ago. In 1981 the special day cost an average of £1,737 – now it has been racked up to a huge £15,000. Even more shocking is that in another 10 years it is expected to at least double again!

It may seem like jumping the gun, but the sooner you start saving for your child's wedding the better it will be in the long run.
 
Weddings are a family event that will never be forgotten and the traditional expectation is that the bride's parents pay for most of the wedding. Many parents fail to realise the true cost until it is too late and do not have time to save. This often results in either the parents or the bride & groom taking out a loan or re-mortgaging to raise the necessary funds – often at high rates of interest.

A recent Alliance & Leicester survey reveal that 20% of newly married couples were in substantial debt immediately after their weddings due to the cost of the wedding and honeymoon.

By planning in advance, most couples can painlessly save small amounts on a regular basis towards such future costs. By saving just £100 (US$ 150) per month, you should be in a position to provide £30,000 towards the wedding costs within 12 to 13 years.

Those with real foresight can set up a combined regular savings plan with the flexibility to release funds for university fees whilst continuing to grow towards helping with a house deposit and/or contributing towards the wedding costs.