Why I picked this video: I chose this video because it provides insight into the price of child-care in all provinces across Canada and highlights how much of a difference your location can make in the cost of raising a child. This video also discusses past and predicted trends in the cost of child-care and mentions the governments intentions to better fund child-care spaces. I feel this video is a well-rounded representation of what the cost of child-care looks like.

Why I picked this article: Most people are aware of the basic upfront costs of having children. Things like diapers, food, clothes, and school supplies are inherent costs to having children. What many families don't factor into their budgets are extras such as birthday parties, extracurriculars, Christmas, life insurance, allowances, and the million other little things that you're expected to spend money on once you have a child. This article suggests new parents plan for these extra expenses and raises awareness to the kinds of things new parents aren't necessarily thinking about when creating a budget.

Why I picked this article: This article addresses a topic nobody wants to think about; what if your child requires extra care? Having children with any kind of physical or cognitive impairment often means paying for extra specialized services or medical devices on top of expected expenses. While there is funding and support for this, it is often not enough. On top of these added expenses, depending on the level of care your child requires one parent may have to quit their job in order to become a full-time caretaker. It is important for parents to consider whether or not they'd be able to properly support a child with extra needs.

Why I picked This video: The first reason I picked this video is because it provides "big picture" numbers. The financial realities of having children become much more clear when you see the total average cost upfront. The second reason I selected this video is because it shows a second set of numbers adjusted for children who live in the family home past the age of 18, which is becoming increasingly more common with today's real estate market and cost of living. The final reason I included this video is because it shows statistics for families of all income levels.

Why I picked this video: I picked this video for a few reasons. First, I like that it talks to a real parent instead of just showing the statistics, I believe this communicates the reality of parenthood more thoroughly than hearing the numbers. The second reason I picked this video is because basic necessities such as food are rapidly rising in cost. Raising a child, even in a "bare bones" fashion, is becoming increasingly more difficult and parents are having to cut back, make due without, scrimp and save, and budget very carefully.

Why I picked this article: Most people account for the cost of things once the baby is here, but the expenses start well before that. While Canada provides better and less expensive healthcare than other countries, it is not entirely free. Copays, prenatal vitamins, maternity clothes, insurance costs, and more are all extra expenses parents will face before their child even arrives. Conditions such as perinatal depression, postpartum depression, and birthing injuries can add to these costs even more.

Why i picked this website: This website contains crucial information about benefits and programs geared towards families and caregivers. Understanding these benefits and what you qualify for is an important aspect of creating a comprehensive financial plan for families. It is important to consider what types of assistance and support will be available to you during critical life stages such as parenthood and child-rearing.

Why I picked this article: While having children doesn't necessarily mean you have to pay for their education past the age of 17, many parents do. In this day and age a post-secondary education is becoming more and more necessary whether it be through college, university, or trade school. While your children will have the ability to work and apply for student loans by the time they're looking at going to school, many students struggle financially and still depend on their parents for extra financial support. Many parents wish for their children to be able to study without the added stress of a job or financial troubles. This websites lays out the numbers of how much it actually costs to fund your child's education past high school. Knowing these statistics allows families to plan well in advance for their children's education, which is an important thing to do considering the cost.

Why I picked this article: Growing up my brother and I each played a summer and a winter sport every year. Despite being raised in a middle class family, the expenses that came with activities such as Hockey and Dance lessons were a financial burden. Most parents want to provide their kids with more than the bare minimum, they want their children to be able to pursue their interests whether it be sports or art classes. These activities are very expensive, and often come with added fees on top of the actual lesson price such as sports gear and supplies, fees for competitions, travel fees, etc. his article highlights the real amount families are spending on these activities and what activities it might be possible for your kids to participate in without breaking your budget.

Why I picked this website: Depending on where you live you might choose to raise your child in an apartment or condo, however most families in Canada desire a detached family home. As the cost of housing increases, it is becoming more and more unrealistic to manage to afford a house that fits a young families needs and remains affordable while paying for the cost of child related expenses such as childcare, extracurricular, school supplies, formula, and diapers. It's important to know how much it will cost to raise your family in the environment you desire. Knowing what provinces can offer what you need at a reasonable price is also imperative to family planning. Some families might look at these statistics and realize that an apartment is the smarter choice financially due to the lack of maintenance fees and property taxes, while others may decide a house is within reach but only if they move out of province. Rent or Mortgage payments are often our biggest expense each month and it is a crucial thing to consider when deciding to have kids.

Nothing really surprised me about this topic. At this point, we're all aware of how big of an expense children are. I think the biggest surprise for me had nothing to do with how much it costs to raise children, or the financial realities of raising them, but the extent of all the things you need to pay for. Children require so much help and guidance, they aren't capable of real independence for quite some time. Not only do you have to pay for everything your child needs but you also have to keep track of all of it. There are so many more bills and deadlines to remember and worry about, it's not surprising to me when things get missed.

1. Provide a real-life example of how this topic is relevant or interesting for you.

I personally do not want to have children, this is a very unpopular opinion that many people wish to engage in arguments over. While I don't plan on having kids and therefore this information is not relevant to my financial wellbeing, I think it's important to understand the "why" behind my decision and be able to defend my position when the topic comes up. The realities of budgeting with children are a great way to back up my decision to not have any.

1. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I think he most important thing to pass on is to expect and prepare for the unexpected. When most people imagine having children, they imagine a fairytale. People know that children cost money but I think they avoid thinking about how deep those costs can go. While it is an awful thing to think about, your child could be seriously ill or disabled leading to extra costs, your spouse could die leading to extra costs and one less income, terrible things happen to good people all the time and we often don't prepare for these possibilities simply because it is less stressful and scary if we pretend they won't happen to us. Planning for the worst is a crucial aspect of readying yourself financially for parenthood. Can you afford life insurance? can you afford your children on your income alone? Can you afford medical and other expenses for a child who is severely injured, ill, or disabled? These costs are always overwhelming if you're unprepared for them.

My padlet is on exploring the costs of parenthood. Parenthood includes many expenses, both expected and unexpected. This padlet contains information on what to expect to spend money on when having kids, the average amount of money families are spending on these costs, and the extra expenses many people don't consider when first thinking about having children such as medical bills, life insurance, and post secondary education. This padlet also includes a webpage of resources regarding benefits families with children can receive through the government to help ease some of this financial burden.