Cute as they are, kids are costly.
From diapers to driving lessons, raising kids costs a lot. To help manage your family finances, consider these simple ideas
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The total bill for raising a child in Canada from birth to age 18 is, on average, about $244,000 — that’s around $13,500 a year — according to some comprehensive number-crunching by MoneySense in 2011. (And that doesn’t include the cost of post-secondary education.)
From clothing and school supplies to childcare and extracurricular activities, spending on your kids can skyrocket quickly if you’re not careful. Just ask Josée Pharand. The Ottawa mother of two ran a website, Frugal Fun Ottawa, for three years as a way to help other families with their finances by highlighting free family activities in the city. Pharand says it’s simply a question of smart money management.
“With kids, you never know how it’s going to go. You could go to the latest, greatest show and spend $100 in one afternoon by the time you pay for the tickets, food and drink, the merchandise and maybe parking,” she says. “Then you get there and maybe your kids are having a bad day — they’re tired or not feeling well. In that situation, they’re just not going to enjoy it. And personally, I hate feeling like I’ve wasted money.”
So in a nutshell children are expense to raise. And if you have more then one then your budget can quickly go out the window. There is several ways to save money when raising a family on a budget.
Make sure to stay on top of the latest website that post free kid friendly activities in your
