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

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]