Child's 18th birthday can bring on a heavy bill sans celebrations

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Parents should beware that they don't go overboard spending for their child's 18th birthday bash. It might seem like an important year, but do remember that it's a year that is going to bring along many expenses with it. A survey suggests that 18 is the year when you have to make some big investments in university fees, living expenses, clothes, driving lessons and a car and this mounts up to a rather large figure of $29,100. This amount has been calculated keeping in mind a monthly bill of $2000 plus around $4,300 for a second-hand car. It seems the biggest dent creator is the rent for an 18-year-old at university - $840 a month - followed by $522 a month for tuition fees. Other costs include $125 on food and $95 on clothes and accessories. Let's not forget the mobile bill which can go up to $80 a month, plus other expenses that cover their hobbies and gadgets which can cost $96 per month.

Sports, gym and other activities usually need $192. This information was gathered from the study of 4,000 parents with children over the age of 18 by OnePoll. So spend money on their 16th birthdays instead!

[Dailymail]

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by kim, posted May 28, 2009 - 9:41 AM in Other Stuff | Comments ()


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