By Andrée-Anne Guénette
Even a tiny baby can have a significant impact on our budget. A little planning and sharing economy can make all the difference.
“Choosing not to buy everything new for a baby is not just about saving money. It is also a question of consumption and the environment, says Mylène, 40, mother of Thomas, who has just celebrated her 2nd birthday. Friends have lent us stuff – the bouncer, the little newborn bath, and the exercise mat, for example – while others have given us gifts… All this only lasts a little while. So we took advantage of it by being careful, and we gave it to the next one. It made sense to us.”
Our choices: new or used
Having a baby is expensive in Canada. Estimates of the actual cost of that first year of life vary wildly, depending on who is doing the math. In 2013, the Fraser Institute raised many eyebrows by announcing that you could submit a child for around $3,000 to $4,500 a year, depending on your region and the child’s age, an amount that many consider very unrepresentative. (These numbers were for 2010, so adjusted for inflation, it would be more like $3400-$5150 in today’s dollars).
The amounts we will invest in our children depend on many factors: where we live, our income, our ability to pay, and, as Mylène says, our values too. With all the furniture, clothes, and accessories it can take, Baby’s first year can quickly turn into a budget nightmare if you don’t restrict yourself, at least a little. After all, as Mylène says, “the stores are overflowing with stuff more adorable than the other!”
“Knowing that I would live at least five months on 55% of my salary during my maternity leave, I made my consumer choices accordingly,” says Isabelle Jolicoeur, mutual fund representative. I bought almost everything on sites like Kijiji and at garage sales. Since I knew I wanted several children, I bought as many gender-neutral clothes and accessories as possible. I accepted all the stuff my network offered me, even if it meant giving it to the next one if it didn’t suit me. And when my stepfather offered to buy me a video camera that I didn’t need (my cell phone did the job just fine), I offered to buy myself washable diapers instead, at the same price. They served my three children!”
