How much does it cost to raise kids?

Chinese

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?

catergang

These estimates are pull straight out from their asses by magazine writers struggling to find interesting topics to write about.

The truth is the cost of raising kids can vary so much, just like how some people can live on a minimum pay income or even support a family on such limited means, while other people make 6 figure incomes and still can't make ends meet because they have a mortgage on a big house, finance 2 luxury cars, buy nice clothes and eat at fancy restaurants, etc.

mmpleaser

Average cost before was 180K till they are 18 years old,
Now probably 200K, that does not include the costs such as University, Downpayment or full payment of the house/condo, etc.

They are expensive, so use protection if possible to make sure they are WANTED.
Do not need them to look after you anymore, just Social assistance will be adequate.  Why do you think birth rate in all Developed countries are falling, including China.

hihibye

mmpleaser 发表于 2017-9-11 06:42
Average cost before was 180K till they are 18 years old,
Now probably 200K, that does not include th ...

Average cost projections are meaningless. It all depends on the lifestyle you want for yourself and your kids.

If you buy name brand clothes for your kids, give them expensive stuff, take them on vacations, and send them to private school, etc, you can easily spend tens of thousand of after tax dollars on them each year.

Or you can send them to a regular public school, have your parents (the kid's grandparents) help look after them when your at work, have them help out with household chores and take part-time jobs. And if you are a low income family, you get child tax benefits, and when they are old enough for university there are student loans and grants. So you don't necessarily have to spend a lot on them.

Chase.R

The real cost bury in your time...

dragondick

Wait until they attend university, then you will find enjoying life is better than having kids!  

mmpleaser

University is not the major spending.

Downpayment or Full payment of the condo or house  ISSSSSSSSSSSSSSSSSSS.