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Loan protection: Raising a child is 'expensive'

Raising a child is expensive and this is something parents should bare in mind when considering loan protection.

Martin Bamford, chartered financial planner and managing director at Informed Choice, claims that parents need to create a budget and stick to it.

He said: "Raising a child can be expensive; particularly if your household income has recently reduced so one parent can raise the children full-time. It is important to budget for these expenses and consider them in the context of your overall household spending."

Mr Bamford believes that ways of budgeting include reducing your committed expenditure on items that may be considered luxuries and instead focus on necessities.

Another way of budgeting is to take advantage of voucher websites that offer discounts on products and services.

Richard Sorsky, money advice co-ordinator at the UK Insolvency Helpline, recently claimed that people can "save a fortune" by making the most of these websites.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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