Talking about money can be a little stressful right? Trust me, I know and I know it’s a personal topic too. But have you heard about The Canadian Child Affordability Calculator? A few weeks ago, there was a study by the Royal Bank of Canada regarding the majority of Canadian parents that are still supporting their 30+ year old adult children. The survey concluded that a whopping one-third of parents are delaying their own retirement plans due to helping their adult children. Times have changed, living in 2019 is expensive! Housing in Toronto? Don’t even get me started. I do recall seeing an article from BlogTO on this and I am sure when my kids are adults I’ll help them too, I mean the cost of living in Toronto is expensive. From rent to groceries to insurance, classes, family trips and feeding kids, it’s expensive. Isn’t it what parents do regardless? Or is it more a European thing with parents helping their adult kids? Or are we as Canadians just bad planners? Or maybe, Canadian families are not financially prepared and need help managing the cost of growing their family. Planswell decided to be proactive and have built the Canadian Child Affordability Calculator. This essential tool takes into account all of the surprise expenses and spends that many families don’t think about when family planning. I wish I had this calculator 10 years ago! I would have planned my finances better.
Planswell has built over 120,000 financial plans across Canada and they’ve found that one of the biggest issues Canadian families are facing is one of child affordability and financial planning while growing their family. They have found that:
The Canadian Child Affordability Calculator will take you through the steps such as housing, daycare, car seats, baby room and so much more. Go check it out, I think you’ll really find it interesting and it will help you plan and save. Planswell has a lot of tools on their site that may be new to you and may get you excited to take control of your financial future. I am a huge fan of their Monthly Budget Calculator too and am thrilled to have partnered up with them as this is the first time I have heard about Planswell too! I hope you’ll check it out. This essential tool will help you feel better taking control of your finances.Wondering how much it will end up costing you to raise a child? You’re in luck! The Child Affordability Calculator by @GetPlanswell makes it easy to get an accurate estimate of your monthly & overall costs: Click To Tweet
Disclosure: This post was in collaboration with Planswell. In exchange for this post, I have received perks in the form of products and/or compensation. All opinions on this blog are always my own.