How should parents financially plan for raising kids?
BNN Bloomberg
Parents at all income levels should understand their cash flow when financially planning for their kids, according to a personal finance expert.
Estimates from Statistics Canada published late last month said Canadians can expect to spend more than $350,000 when raising a child from birth to the age of 17. That number increases by 29 per cent if parents continue to support their child financially through postsecondary education until the age of 22, Statistics Canada said.
Julie Seberras, senior manager of wealth planning support at TD, told BNN Bloomberg that it’s crucial for parents to understand the costs of raising a child and how that aligns with their cash flow.
“We, of course, have fixed expenses that we have no control over, but we obviously have discretionary expenses,” Seberras said in a Thursday television interview.
