Hold on to your wallets! MoneySense magazine unveils the real cost of raising kids
How much are you shelling out for your little bundles of joy? We’ve crunched the numbers
- The Secrets of the rich
- Best Deals in real estate
TORONTO, May 25, 2011 /CNW/ – Can you afford to raise children? While there is much to be considered besides cost when it comes to deciding on whether or not to have kids, being financially forewarned can help would-be Canadian parents budget and plan for the future.
It turns out, the average cost of raising a Canadian child to age 18 in a typical two-child family is a staggering $243,660 (excluding costs associated with college or university).
MoneySense magazine teamed up with People Patterns Consulting, pored over statistics for months, and came up with the most accurate and comprehensive estimate of raising a Canadian child.
Among the findings:
- The cost per child per year is $12,825; per month $1,070; per week $245; per hour $1.45.
- From babyhood to age 18, kids cost less as they get older
- But the food bill goes up: from $895 annually for an infant, to $2,400 for a teen
- It’s much costlier to clothe a baby than a teenager
- The more children parents have, the less spent on each one
For a breakdown and in-depth analysis of the child-rearing costs of food, clothing, health care, personal care, school and recreation, transportation, shelter and furnishings and childcare, pick up the latest issue of MoneySense magazine, on newsstands now.
PLUS: Best deals in real estate:
Where’s the best place to buy in Canada? Our ranking reveals why you should skip Vancouver and Toronto and buy in mid-sized cities instead.
Among the best places to buy now:
- Moncton, N.B.
- Regina, Sask.
- Fredericton, N.B.
- Winnipeg, Man.
- Saint John, N.B.
For full rankings, pick up the latest issue of MoneySense, on newsstands now.
- PLUS: The Secrets of the Rich
What do we know about how the rich think? The MoneySense survey uncovers three crucial ingredients in the recipe for success (and explains how to apply them):
- start with the vision and ambition to make more money
- live below your means
- invest wisely
Next we explain how millionaires invest, borrow and slash taxes, and how they maintain and build their wealth.
MoneySense is Canada’s personal finance and lifestyle magazine. Packed with smart features, practical advice and easy-to-follow financial tips on everything from home improvement to mutual funds, MoneySense attracts Canadians nationwide on the lookout for new ways to save, invest and spend. MoneySense.ca is Canada’s best all-around personal finance website.