It's a question that all new kitten owners need to ask themselves so first of all I'll explain what neutering is.
What is Neutering?
In male both of the testes are removed, in female kittens the ovaries and uterus are removed. Both procedures are done under anaesthetic so during the operation your cat will feel no pain. Because the cut is so small the pain is minimal for the cats and the vet will usually administer a pain relief injection which will reduce your cats ability to feel pain while recovering from the operation.
While the cost of the procedure can be expensive and is usually around 40 each there are organisations that can help meet this cost such as the cat's protection league.
Health Benefits
They suffer less from infectious diseases
There is less likely hood of them developing breast cancers
In females since there is no uterus they can't develop life threatening illnesses such as Pyometra
In males since there are no testes they can't develop testicular cancer
Helps prevent other illnesses
Social Benefits
Female neutered felines are less likely to call (that horrible noise that they make when they are in season) and males are less likely to spray. Both sexes are less likely to wander, reducing the possibility of them getting lost or stuck in a strangers garage or shed.
Benefits for you
If you have a male kitty then their urine will not smell as strong after they've had the operation. Both sexes also require less food after the procedure so you'll save money on pet food.
Unless you are intending to become a cat breeder it is advisable to get your cat neutered, you can find out exact costs and information on care after the procedure from your local vets. If you are unable to afford the cost of neutering your cat remember to ask your vet for their advice as they should be able to put you in touch with your local cat protection league.
About the author
You find find more information about cat issues such as preventing hair balls in cats over at http://www.cat-party.co.uk.