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In Canada, an estimate released two years ago pegged the annual cost of raising a child at $13,366. I read an article that put together a list of the costs and expenses new parents need to consider when planning financially for their bundle of joy, including maternity leave, life insurance, contributions to a registered education savings plan and daycare costs.
Day care: $1,600 a month (eventually this goes down/away)
Groceries: $150-$400 a month (depending on age)
Toiletries/prescriptions/medical: $100-$250 a month (especially for babies)
Kids activities: $500-$8,000 a year (choose your own adventure here, folks)
Kids camps: $200-$4,000 a year (again, this varies wildly)
Clothes: $500-$1,500 a year (everyone needs clothing, right?)
Kids birthday parties: $0-$300 a year (I’ve seen this as high as $1,000 per party)
Life insurance: $75-$200 annually per policy (most people get life insurance once they have wee ones)
I thought it should be more? |
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