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Hold on to your wallets! MoneySense magazine unveils the real cost of raising kids

May 25, 2011

News Releases

How much are you shelling out for your little bundles of joy? We’ve
crunched the numbers

PLUS:

  • 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:

  1. Moncton, N.B.
  2. Regina, Sask.
  3. Fredericton, N.B.
  4. Winnipeg, Man.
  5. 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.

About MoneySense:  

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.