Parents: now might be a good time to sit down... I'm sorry to report that the overall cost of raising a child has increased by 3.3% in a year.

I'm in the studio with Fi Star-Stone, childcare expert and editor of childcareisfun.co.uk, and Mark Jones from LV=. The new LV= Cost of a Child report reveals quite frightening figures; we know having kids is expensive, but exactly how much are we looking at? A staggering £218,000! That's £30 a day. Ouch.

What does this mean for British families? Well in the UK two in five parents (43%) have reduced the amount they regularly save and only a third (32%) have life cover in place. But what are the implications of not protecting the family's future...? More information can be found here: http://www.lv.com/media_centre/press_releases/Cost%20of%20raising%20a%20...

But fear not mums and dads; there are ways in which you can reduce these costs. Fi's been giving us some sound advice today; everything from 'set a budget' to 'don't be afraid to buy second-hand clothes'. More top tips here; http://childcareisfun.co.uk/