Latest news with #KelGalavan
Irish Times
17-06-2025
- Business
- Irish Times
I cleared six figures worth of debt in Ireland. These are the low-risk ways to invest that helped
Kel Galavan says she woke up one morning, thought to herself 'I'm going to buy a house today' and by that afternoon had borrowed a ten thousand euro deposit and purchased a home worth seven times her income. When was this? 'About five minutes before the crash,' says Galavan who also goes by the handle MrsSmartMoneyHQ on social media. On that fateful morning, was she a megabucks investor with a yacht, a private jet and several businesses to her name? No, she was a Wexford woman who'd bought a home off plans in what was to become one of the country's many ghost estates in the aftermath of the 2008 financial crash. READ MORE What followed was a classic tale of job loss (her husband's), negative equity and struggling to pay creche fees, while her husband retrained in another career and Galavan, a microbiologist, became the breadwinner. Several years later, and after clearing six figures worth of debt, she is now a Qualified Financial Advisor, coach and author. While in Ireland 'it's far from investing you were reared', Galavan explains that our typical path to wealth in this country has been to start a business or own property. With those avenues are not available to everybody, investing is a much easier option with fewer barriers to entry. While we are urged to have a pension plan 'and max it out if you can', Galavan reminds us there is still a gender pay gap and women are also more likely to take time out of their careers to mind children or relatives. In this episode of Better With Money, Galavan explains how she got into investing, outlines the lower risk ways to achieve long-term wealth and sets out how you can get started even with small sums of money. Listen to this discussion on the player above or search for Better With Money wherever you get your podcasts. Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan. Further reading: Starting a pension Irish state savings schemes Funds Sector Review 2030 Find Kel Galavan here
Irish Daily Mirror
14-05-2025
- Business
- Irish Daily Mirror
It now costs €169,000 to raise a child in Ireland
The cost of raising a child from cradle to college has jumped by 60% in the last decade, soaring by an extra €65,000. A health insurer survey found that the cost was €105,000 in 2015 – but now costs €169,000, the firm revealed this week. It has calculated that the costs amount to €15,00 a year, with food, college fees, and rent support accounting for the biggest outlays. Mum-of-two Kel Galavan, who is a financial expert and money coach said the new figures from Laya Life's Cradle to College Cost Index, warned that the costs involved highlight the 'financial landscape for Irish families'. Several vital elements were factored into the calculations for the two-decade long financial support. These include nappies, baby formula, pocket money, birthday presents, family holidays, communion and confirmation gifts, university fees, and rent support. A survey spokesperson said: 'The new research shows a dramatic rise in the cost of raising a child in Ireland. A survey of 1,000 parents revealed that the total cost to the average household, to age 21 has climbed to €169,372.85, which is a 60% increase since 2015." The survey spokesperson added: 'Parents say that the first year of a child's life (23%) and their teenage years (24%) are the most financially demanding on the household budget. Delving deeper and breaking down the data further, it shows the average cost per child, per year, from cradle to college, is €15,324.20. This is an increase of 39% in the last 10 years.' In 2015, parents said the annual spend on nappies was €3,197.52 but this has now increased by 61% to €5,148. Baby formula has gone from €541.68 a year in 2015 to €1,456 a year in 2025, a jump of 169%. Pocket money accounted for €642.72 of a family's budget a decade ago but this year it has gone up by 86% to €1,196. Rent support is also up, going from €3,320.76 in 2015 to €4,536 this year, a rise of 37%. But the family spend on birthday presents for a child in 2015 was €499.08 and this is now €148 – a drop of 70%. Similarly, family holidays have fallen by 35% from €1,653.72 in 2015 to €1,079, while communion and confirmation gifts are down from €573.72 in 2015 to €120 this year, according to Laya. University contributions are down by 16% from €4,056.24 to €3,387 in the same period. The survey spokesperson said: 'Changes in spending over the decade reflect the influence of economic and societal factors on family expenses.' Money expert Galavan warned: 'These figures illustrate the evolving financial landscape for Irish families. It's becoming increasingly important to consider financial planning strategies. The research demonstrates that families are adapting to increasing costs, particularly for essential goods such as food and baby items, by re-evaluating expenditures on holidays, celebrations, and third level education. 'Worryingly, less than half (48%) of Irish parents have life insurance, leaving them vulnerable should the unexpected happen. This underscores the critical need for families to prioritise financial security and protect their loved ones in the face of these evolving economic challenges.' Interesting key stats to emerge from the survey's findings include that over half (55%) of parents plan to help their children financially when they want to buy their own home. Around 33% anticipate general support being needed until their children are aged 25 or older. In 2015, the average age parents expected their children to be fully independent at was 24, highlighting the continued need for parental support well into adulthood, and this remains consistent in 2025. Some 73% of parents said they put too much pressure on themselves to give their children everything. Despite the high costs of raising children, only 51% have made a savings plan to cover the future costs of supporting their children until they are old enough to support themselves. This is an increase compared to the 2015 Index, when 31% of parents had a future savings plan. The research also revealed that families are making difficult choices when it comes to larger discretionary expenses. For example, spending is down on family holidays, gifts for life events, and even third-level education. The decrease in university fees paid by parents, which is down by 16%, could suggest that students are increasingly funding their own education through loans or part-time work, according to analysts. JP Hughes, who is head of Laya Life, which is now part of AXA insurance, said: 'The increase in the cost of raising a child over the past decade reinforces the value of financial planning for Irish parents. Understanding long-term financial security is key, and families need to consider how they can best protect themselves against future uncertainties.'
Extra.ie
14-05-2025
- Business
- Extra.ie
The cost of raising children soars to astronomical figure
Get ready to tighten the belt if you're planning to have children – they now cost a massive €169,000 each to raise from cradle to college. The costs have risen by over €63,000 in just ten years, a 60% increase, which was described by one family finance expert as 'dramatic'. The first year of a child's life is the most expensive and eats up almost a quarter of the child-rearing bills. Finance expert and mother of two, Kel Galavan, said: 'There was massive inflation around the Covid time (2020 to 2022), so that bumped up the price of things. Stock Image of a father enjoying quality time with his children. Pic: Getty Images 'The thing with raising a child is things like nappies and baby formula, they're a really acute moment-in-time cost you can't do without. That first year of life is 24% of the cost of raising a child.' Some of the costs have almost trebled over the past ten years. A year's worth of nappies jumped from €505 in 2015 to €1,456 now, baby formula spiralled from €542 a year to €1,456, while a year of pocket money almost doubled from an average of €643 to €1,196. However, some costs have fallen. University and college fees have dropped from €4,056 a year to €3,387, which is a 16% decline. Stock Image of a mother enjoying quality time with her son. Pic: Getty ImagesPic: Getty Images Families are also cutting back on much of their discretionary spending to cope with the price rise for essentials. The amount spent on family holidays dropped from €1,654 to €1,079 a year, a 35% decline, while spending on Communion and Confirmation gifts saw the most dramatic fall, going from €574 a year to just €120, a 79% drop. Spending on birthday presents also saw a major drop, falling from €499 a year to just €148, a 70% decline. Children making their Holy Communion. (Stock Image) Pic: Shutterstock However, the overall average cost of raising a child to 21 has risen to €169,372.85, a 60% increase since 2015. The first year of a child's life, at 23% of the total costs, and their teen years, at 24%, are the most expensive. The cost per child, per year, from 'cradle to college', is €15,324.20, an increase of 39% in the past decade, the Laya Life research found. However, families with more than one child save through 'hand-me-downs' on clothes and uniforms, but some things are not recyclable. Pic: Shutterstock Families are also cutting back on holiday costs by switching trips abroad for stays in Ireland. Ms Galavan, who has a 14-year-old daughter and 12-year-old son, said: 'Staycations became really popular there, partly because of Covid, but also the general cutting back on things. 'Also, some families used to have two holidays a year, and now they're just having one.' She said the fall in spending on birthday presents and Communions was 'really significant because… You want to give them everything and have those special types of days, but 79% and 70% drops, that's done out of necessity'. A smartphone is also now a necessity for teens, often to access Google Classroom for homework, adding further expense for parents. The results were based on an online survey of 1,000 parents by Empathy Research. Laya Healthcare is now part of AXA Insurance.
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Cost of raising a child from 'cradle to college' has grown 60% in 10 years, study says
The cost of raising a child from 'cradle to college' has risen a staggering 60% in the last decade to just under €170,000, a new survey has found. Furthermore, almost three in four parents (73%) say they put too much pressure on themselves to give their children everything as household budgets continue to be squeezed. The survey for Laya Life of 1,000 parents found that they are split on what years are the most financially demanding on the household budget, with 23% of parents saying the first year of their child's life compared to 24% who say it's the teenage years. The figures suggest that the average cost per child per year in Ireland, from when they are a baby to when they become adults, is €15,324.20. To arrive at the figure of €169,372.85 to raise a child to adulthood in Ireland, the survey multiplied this average figure by 21 years and then divided by the average number of children per household (1.9) according to the Central Statistics Office (CSO). Where does the money go? In terms of where the money goes, the survey provided a breakdown to show were spending has risen sharply, and some places where it has fallen, since 2015. A decade ago, parents were spending €3,197 on average on food for their children each year. This has increased 61% to €5,148, according to the survey. According to the latest consumer price index from the CSO, households are facing surging prices for some staples well beyond the headline inflation rate of 2.2%, with milk (up 12.4%), butter (up 16.4%) and beef (up 12.9%) all rising sharply. Nappies and baby formula have also surged by 188% and 169%, respectively, to an average of €1,456 each a year. Pocket money has also risen significantly, with parents doling out €1,196 on average a year compared to €642 a decade ago. For those older teenagers who may be living away at college, rents have also risen from €3,320 a year in 2015 to €4,536 in 2025. On the other hand, parents are now saying they are spending less than they did 10 years ago on other items such as communion and confirmation gifts (down 79% to €120), family holidays (down 35% to €1,079) and birthday presents (down 70% to €148). Looking further ahead, over half of parents in the survey said they plan to help their child financially when they want to buy their own home. A further three in 10 said they believed that support will be needed until their children are aged 25 and over. Reacting to the figures, money coach and mother-of-two Kel Galavan said: 'They illustrate the evolving financial landscape for Irish families. It's becoming increasingly important to consider financial planning strategies. 'The research demonstrates that families are adapting to increasing costs, particularly for essential goods such as food and baby items, by re-evaluating expenditures on holidays, celebrations, and third-level education.' Read More Irish consumers make permanent switch to own-brand labels
RTÉ News
13-05-2025
- Business
- RTÉ News
Raising a child in Ireland now costs €169,000
A new survey shows a dramatic increase in the cost of raising a child - from birth to the age of 21 - in Ireland. Laya Life's 'Cradle to College Cost Index - a survey of 1,000 parents - reveals that the total cost to the average household has climbed to €169,372.85, a 60% increase since 2015. Parents who participated in the survey said the first year of a child's life and their teenage years are the most financially demanding on the household budget. The survey shows the average cost per child, per year, from cradle to college, is €15,324.20 - an increase of 39% in the last ten years. It reveals that the cost of nappies had soared by 188% to €1,456 this year from €505 in 2015, while the cost of baby formula surged 169% to €1,456 from €541. The cost of food is up 61% to €5,148 from €3,197 while pocket money has risen by 37% to €4,536 a year from €3,320. But the cost of family holidays has fallen by 35% to €1,079 from €1,653 while the cost of birthday presents are also down substantially, falling by 70% to €148 from almost €500. The cost of university and third level college fees has also decreased, falling by 16% to €3,387 from €4,045, Laya noted. Money coach Kel Galavan said the figures illustrate the evolving financial landscape for Irish families, adding that it is becoming increasingly important to consider financial planning strategies. "The research demonstrates that families are adapting to increasing costs, particularly for essential goods such as food and baby items, by re-evaluating expenditures on holidays, celebrations, and third level education," she said.
