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Kids affect our spending.  What, how and why are partially within our control.  If you want to expand your control, you need more clarity.

Here’s a list by age category of common topics that I discuss with clients.  Depending on your situation, these points may get you started on outlining and organizing your own spending choices.

Infants to school entry

• Research which infant gear is most relevant to you.  Is it all necessary?  Are there areas that you would and could afford to splurge in? 
• Be aware of ‘labelling’ of spending: educational toys = good / take-out = irresponsible / house cleaner = wow / rich / bad parent
• Childcare costs- which method- family / daycare/ live-in nanny
• What changes at school entry?  Possibly day costs decrease + summer camp costs; income tax increases.  Extra curricular activities- what’s important to you and your kids and what are the associated costs?
• If RESP is important & possible- from your own incomes / from CCB/ from family gifts / delay for now

Grade school to high school entry

• Settling in to care costs & more predictable income tax deductions
• Clothing & gear can become more expensive
• As kids participate in extra-curricular activities, keep track of costs. If costs are increasing, how does that impact your family situation? If you’re pushing the edge of affordability, you need to know that
• Family vacations- see above
• Review RESP funding- are your goals still the same?  Are you clear on what’s possible?  Are you doing it?  Note: if you started contributing early and have maximized annual contributions, you will arrive at the government grant maximum between age 12-14.

High school

• Bigger kids often equal bigger gear costs, including tech
• Transportation costs, including new drivers
• Review the RESP account if you have one- do you have an idea of what type of program your child is interested in? 
• What types of support can you give: financial / housing / transportation / talking about money management choices

The more clarity you have, the more you are able to make choices that support your values, goals and financial stability.  Taking time to sort out your financials has long term impact for your family.