We also contributed $2,500 towards his RESP education fund to get the full 20% match ($500) from the government so a total of $3,000 was invested into his future education.\u00a0 If that $3,000 grows at an average annual rate of 7% for 18 years, he will have $10,537 to put towards his education just from this one annual contribution alone.\u00a0 We plan to keep this up for 15 years to get the max lifetime grant of $7,200 from the government.\u00a0 Assuming we stop contributing into their RESPs after age 15, at an average annual growth of 7% he will have ~$100,000 in his RESP by the time he’s 18 to account for his post-secondary education.\u00a0 In Canada, this should be more than enough.\u00a0 And if not, I see nothing wrong with him taking out student loans for the remainder (my student loans were what kick started me on my interest in personal finance).\u00a0 If he decides to go another route, this money is earmarked for him to use for whatever \u2013 be it to travel around the world, take some online courses\/certificates, go into the trades, go into the military, start his own business, use as a downpayment for a house, etc.<\/p>\n

Food Costs<\/h2>\n

We also started to introduce foods around 5 months old.\u00a0 We haven\u2019t separated how much we spent on his food compared to our overall food spending but during these first few feeding months it was likely around $20\/month.\u00a0 His favorite foods during his first few months were avocados, peppers, cottage cheese, yogurt, berries, crackers, and cheerios.<\/p>\n

Adding It All Up<\/h2>\n

So if we also include the $2,500 RESP contribution and ~$20\/month on food for 7 months (20*7=$140) we\u2019re looking at a total of $3,860 total out of pocket for his first year.\u00a0 Of course, the RESP is elective and we recognize our privilege of being able to contribute this $2,500 towards his education each year.<\/p>\n

There you have it!<\/p>\n

Those with parents, are you as crazy as us and keep track of your baby-related expenses?\u00a0 Would you say you spent more or less than $1,220 on baby-related expenses (excluding education and food) during their first year?\u00a0 What was your largest baby-related purchase?\u00a0 How have your child-related costs changed compared to their first few years?<\/p>\n

Those without kids yet but considering it in the future, if you\u2019re reading this blog you likely are not part of the herd mentality and hopefully you too can stay well under the average of $10,000-$15,000.\u00a0 Any questions for us?\u00a0 Happy to help!<\/p>\n