The Cost of Raising Kids

I’m planning a segment on the Breakfast Show I work for about saving money when raising kids and it got me thinking, how much does it cost to raise one child? What have I done to save on costs and can I do more?

In Canada, it costs an average of $243, 660 to raise a child to the age of 18, according to MoneySense.caΒ and that doesn’t include a university education. It’s very close to the same amount in the United States.
That’s a big number and it’s doubled when you have two kids.

Some of the things that I’ve done that have saved money are:

1. Breastfeeding – I haven’t calculated the amount, but I know a lot of money has been saved not using formula

2. Hand-me-down clothing from friends and family-kid’s clothes can be expensive and they grow out of them so fast, so it just makes sense to share clothes.

3. Homemade baby food- once you get the hang of this, it’s not only cost-effective, it’s simple and healthy.

Tips from other mom’s I’ve talked to are:
-sewing their own clothes, blankets and sleep sacks
-cutting their kid’s hair at home
-cloth diapering
-using coupons and deals for diapers and formula
-buying used baby furniture
-swapping toys with other families

It is definitely something to think about, especially if you factor in the cost of university. Each cost saving tip may not seem like a lot, but I think all these little things can add up.

What are some of the things you do to save on the financial costs associated with raising children?

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