Most people will also make more money as they progress in their career, said Kate Childerhose, financial adviser with Edward Jones, based in London, Ont.
Although she acknowledges it’s common to want your children to have things that you didn’t have, parents should still set boundaries. Childerhose started her own family in her 20s; she and her husband kept costs reasonable by “putting the hammer down.”
“We said, ‘Only one activity, because there’s three of you. We have to drive you. We have to do all those things,’” Childerhose said. “So we made a choice as a family to set some parameters.”
A busy and expensive childhood isn’t necessarily better
Young couples shouldn’t assume busy and expensive childhoods are better, Kempton said. Putting financial stress on the family or working extra hours doesn’t mean happier children. The opposite may be true, he said.
“I think you very much can still raise kids on a budget,” Kempton said. “I think it’s actually healthy for the children as well. Part of what we do (as advisers) is try to help multiple generations of families—and you want to raise children who have an understanding of money.
“In fact, in doing it, you’ll raise children who, when they come out on their own, they’ll be more confident and capable.”
The “dive in” and “roll with it” childhoods are still doable, Childerhose said. Between hand-me-downs and help from loved ones and the community, the lifetime costs are manageable year by year, with good communication and expectations.
“Having a child is so exciting,” Childerhose said. “But it’s really important to sit down and have those conversations: What’s important to us? What are the things that are non-negotiable, and what can we live without?”
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