Planning for the future with Planswell

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.

@GetPlanswell has introduced The Child Affordability Calculator this month! Calculating the costs of raising a child just got easier! Check it out here: Click To Tweet

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:

– only 41% of Canadian parents are using an RESP to get free government grants
– over half of Canadian parents zero life insurance to protect their kids (53%)
– Canadian parents owe 26% more on credit cards and 44% more on mortgages than non-parents
0-1

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

DisclosureThis 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.

27 COMMENTS

  1. Amber Myers | 3rd Apr 19

    I like this. I am big on wanting to save and keep track of the money I spend, so this is perfect.

  2. Candy | 3rd Apr 19

    Planning for retirement should start as soon as you receive your first paycheck. Invest well for the future

    • Mama Ash | 3rd Apr 19

      You are so right about this. I wish I started sooner.

  3. Jeanette | 3rd Apr 19

    It sounds like this would be a great way to plan your financial future! I could use something like this so I know what I need to save to be financially stable!

    • Mama Ash | 3rd Apr 19

      It’s never too late! Thanks for commenting 🙂

  4. Terri Beavers | 3rd Apr 19

    I’ve been watching a lot of video’s on YouTube about Canada and was surprised by their statistics on how many adults are living with their parents. I think the Canadian Child Affordability Calculator and the Monthly Budget Calculator would really be a big help.

  5. Melanie | 3rd Apr 19

    This looks like something that would be very helpful when planning for the future. What a neat tool to have! Thank you for sharing about

  6. Terri Steffes | 3rd Apr 19

    Wow, that’s a pretty nifty device. We should do something like this in the US. We need people to understand this information.

  7. Amy Smith | 3rd Apr 19

    Sometimes I feel like we will never get out of debt. Planning is one great way to get out of debt. I know we will soon since we are trying to stick to a plan. This is a great source!

  8. Ricci | 3rd Apr 19

    Planning for the future is so smart! This is a great post!

  9. Catalina | 4th Apr 19

    Talking about money can be a little stressful, but it’s so necessary. I really need to try this tips! Thanks for sharing them!

  10. Lynndee | 4th Apr 19

    This is awesome! My brother and his family lives in Canada. I will have to tell him about this.

  11. Beth | 4th Apr 19

    Financial planning is really important! My husband had to retire early due to health issues, it has been stressful trying to figure out all the changes.

  12. Ruth I | 4th Apr 19

    My sister lives in Canada. This will surely help them on their plans! I will share this with her.

  13. Rachel | 4th Apr 19

    Wow, that is a lot of debt and lack of financial resources overall. It is interesting that it varies by area. I wonder what the comparables are in the US.

  14. KIM CROISANT | 5th Apr 19

    It’s best everyone plans for the future because you just don’t know what it holds. This is a great way.

  15. Katrina Ellen | 6th Apr 19

    This looks like a great way to plan. I had no idea there were resources like this.

  16. Carole D | 23rd Apr 19

    Financial Planning is essential! More and more parents are helping their children as it is so expensive.

  17. kathy downey | 23rd Apr 19

    This would certainly be a great way to plan your days to come !

  18. Janet M | 24th Apr 19

    It’s hard to believe how truly expensive it is.

  19. Victoria Ess | 28th Apr 19

    This sounds like a great tool that would be helpful for any household.

  20. nicky | 29th Apr 19

    Looks interesting – I will check out that calculator!

  21. Calvin | 13th May 19

    That’s some astounding stats, lot of debt. holy

  22. Elizabeth Matthiesen | 16th May 19

    I believe that when you learn to save money at an early age it not only helps you then but in the future too. I’m a strong believer in saving, even a little mounts up to a lot over the years.

  23. Emily John | 19th May 19

    A very real and interesting topic! Financial planning is and should always be priority!

  24. wendy hutton | 20th May 19

    great info, planning for the future is great but it hard when one cannot afford it

Leave A Comment

Your email address will not be published. Required fields are marked *