Canadians who have had children or who are planning on raising a family may have asked themselves the question: “How much do children cost?” MoneySense magazine believes it has the answer.
According to the personal finance and lifestyle magazine, the average cost Canadian moms and dads spend on their children is a whopping $243,660. And that’s excluding expenses for college or university tuition fees.
MoneySense based its analysis on parents of two children and their spending for things such as food, clothing, health insurance, school, transportation, and recreational activities. The estimated number of years of expenditure was 18, as that’s generally the amount of time parents are financially responsible for their children.
The study also detailed what stages of life kids were the most affordable and expensive. For example, children generally cost less as they grow older, particularly in the way of clothing. But that wasn’t the case for food costs, as the study found parents pay $2,400 in grocery bills annually for teens compared to $895 for babies.
One thing that won’t cost parents an arm and a leg is renting a Toronto storage unit. Whether its used to house toys kids don’t want anymore or empty nesters storing their kids’ old furniture, Jiffy Self Storage can handle it all.