Parents have dreams and hopes for their children – a better life, good education, great job, wonderful family of their own. As time goes by the cost of living, post-secondary education and raising a family continues to rise at an alarming rate. According to Statistics Canada, the average household annual expenditures in Toronto are:
- Housing $17,185
- Personal Taxes $18,488
- Transportation $10,676
- Food $8,132
- Personal Insurance Payments & Pension Contribution $5,734
- Recreation $3,549
- Household Operation $4,053
- Health Care $1,824
This list does not take into account post-secondary education for your children, clothing or other personal expenses.
According to the Canadian Centre for Policy Alternatives, “The price tag for a university degree is significant: when books, living expenses and transportation costs are added to tuition and other compulsory fees, the cost of a four-year university education is estimated to reach over $80,000.” I’ve seen estimates for the costs of a university education for children born this year at $140,000 – $160,000 and this does not include books, living expenses, transportation costs and other fees.
As parents we have our hearts in the right place and the best of intentions. We may have no problem affording a $180 diaper bag or a $900 stroller, but what about $140,000 – $160,000+ for a university education?
Did you know that for the price of two lattes a day, your child can go to university, buy a home for their family and have the financial freedom to pursue their dreams?