The headline you just read most likely comes as no surprise to you; that the cost of raising a child is getting really expensive and it’s going up every year. Here are the numbers you’re looking at now just so you know and this is for both Canada and the US. So, for each month that will set you back about $1,070 per month and adds up to about $12, 825 per year just for the child. That doesn’t include you or your spouse or the family pet. And remember, this is before you even think of sending them to University. You can tack on another $100 per month per kid if you’re adding to their RESP (Registered Education Savings Plan).
The biggest expense as you may have guessed is shelter, your rent or mortgage. If you break it down per child in the house it works out to about $226.67 per month and that adds up to around $2,720 per year. Once add up all those 18 years, you’re looking at spending around $51, 680 by the time they are off to University. Most likely you and your spouse are working to pay the bills, so that means you’re going to need some daycare to watch them before they go to school or if they are in school, somewhere they can go after and wait for you to get home. If you’re lucky enough to work from home, this could save you a few dollars along the way. But, if you need daycare then you’ll be looking at around $700 to $1,100 per month and that’s per child. Keep in mind that there are waiting lists too, so just because you need childcare, doesn’t mean you can just walk in and drop them off. Get on that waiting list. The good news is that childcare is tax-deductible so it’s a good idea to save your receipts for tax season.
Now you have to start thinking about all the baby clothes, girl’s clothes, boy’s clothes and yes, they will outgrow those fast so that bill will be around $50,000 to keep them in clothes and food. That’s why you need to start using Fabswapp to cut that down to zero. Since clothing for kids can be used longer than they will fit in them it’s a good idea to look at swapping or getting some good quality used clothes to trim that budget right down. This will also give you some extra money for other things like vacations, so you can build memories not the pile of unused clothes in your closets.
If you’re looking for ways to cut the down, take a look at FabSwapp, it’s a money saving machine. On Fabswapp you can install the app onto your mobile device, register for an account and be looking at good quality kids clothes in minutes and saving thousands everyday and over the months and years. There are also lots of household items that just like clothes, people used once or twice and now they want to pass them on to someone else. There are literally hundreds of items for your child to wear or even if you’re looking for clothes they can just wear out, then Fabswapp is a great place to get all those items for you and save you time and money.
Reduce your kids and family clothing budget today! You can download the Fabswapp app now on Google Play or Apple iTunes and find something you love for free. You’ll be saving money and the environment and that is best for both. Help us reduce the waste in landfills and give your kids clothes a longer life.