My husband and I are contemplating having kids, but the costs are a concern. I’m curious about how much everyone spends monthly on child-related expenses. I’m considering everything, from grocery costs to clothing, education savings, sports, and school outings. I’ve been playing with numbers to see if it’s realistic for us to have a child while still meeting our other financial goals, like paying off our house and saving for international trips. We plan to start saving in January 2026, aiming for $1250 a month to build a baby fund. I know prices will likely increase by then, but I want to see if my estimates make sense. We also want to open an education fund with a $400 monthly contribution until we hit the RESP max of $50K. My projected costs include $250 for necessities, $250 extra for groceries, and $500 for sports and activities. I’d like to hear how others manage these expenses.
My son is only 4 months old, so take this with a grain of salt. We contribute $2000 annually to his education fund, and the government adds $500. You may want to check with an advisor about the contributions and rebates for the RESP. We saved a lot before having our baby, but many families are living paycheck to paycheck.
@Bright
Good to know about the government rebate. I’ll definitely look into maximizing that. Asking family for RESP contributions instead of gifts is a smart idea.
You’re planning for a baby in 2030-2031? I checked childcare costs in my area and added them to my current budget. Your estimates look reasonable, but remember that inflation may change things by then. Focus on your goals but don’t get too caught up in detailed expenses so far out.
@Oli
I know it’s a long timeline, but I want to ensure my numbers are in the right ballpark. I guess I can re-evaluate as we get closer to that time.
I don’t think you can budget accurately for a child. We saved before having kids, but my wife got pregnant with twins and we had to figure things out quickly. We kept saving for retirement and managed, but expenses for kids can add up fast, especially with sports and college.
@Lex
Sounds like a stressful experience, but I’m glad it worked out for you. I prefer planning ahead and avoiding debt as much as possible.
I’m planning for kids in the next year. We saved $20k and I’ll be getting 92% of my salary during a one-year maternity leave. Friends say they actually saved money with a baby until they turn two because your other expenses drop. After that, things get real.
@Drake
That’s encouraging! I hope our savings will also last through the early years.
You might want to adjust your budget by removing work-related expenses and vacations to see if that aligns with your expected child expenses. It’s also essential to be flexible because life changes after having a child. Don’t stress too much about planning; parents find ways to make it work.
@Penn
Thanks for the reassurance. I’m just trying to prepare, but I don’t want to overthink it.