The child-rearing expenses certainly don't end once your kid is out of diapers and daycare! There are the health care costs (even in Canada), school expenses to pay for, grocery bills longer than your arm, and heaven forbid your child wants to play organized sports or takes up a musical instrument! Don't even get me started on what a post-secondary education is going to cost when/if the time comes. What it all amounts to is one heck of a bill when all is said and done!
So, short of resorting to illegal activity, how the heck are we supposed to pay for these little angels?
Here are a few approaches we're taking to save for Abner's future...
- We recently opened an RESP. Twice a year, I have a three-paycheque month. My plan is to take one of these bonus paycheques and dump it into the RESP account. Hopefully, I won't even notice the money is gone because it will be just like every other two-paycheque month.
- Each week I take out $40 spending money for things like lunches (when I'm too lazy to make something in the morning), the occasional coffee, laundry, and other miscellaneous items. If there is any money left over at the end of the week, it goes into Abner's piggy bank. Some weeks she gets $20 and others she gets nothing, so it probably averages $5/week. Not bad for an almost-two-year-old.
- Whenever we take back our empties, the deposit money goes straight into her piggy bank. The best part of this approach is that it's great motivation to drink more, because really - it's for Abner!
- We've also been putting some of her birthday/Christmas money into a savings account for her.