Kate Childerhose, a financial adviser for Edward Jones in London, Ontario, said most people will make more money in their careers.
Although she admits it’s common for your child to have something you don’t have, parents should still set boundaries. Childerhose started his own family in his 20s. She and her husband maintain reasonable costs by “putting down the hammer.”
“We said, ‘There is only one activity because of the three of you. We have to drive. We have to do all these things,'” Childerhose said. “So we made the choice as a family to set some parameters.”
A busy and expensive childhood may not necessarily be better
Young couples shouldn’t assume that busyness, expensive childhoods would be better, Kempton said. Putting financial stress on families or extra work time does not mean happier children. He said the situation could be the opposite.
“I think you can still raise kids on your budget,” Kempton said. “I think it’s healthy for kids, too. Part of what we do [as advisers] Trying to help generations of families, you want to raise children who know money.
“In fact, in doing so, you will raise your children and when they come out alone, they will become more confident and capable.”
Childerhose said “diving” and “rolling with it” childhood is still possible. Between my handheld and community help and community help, lifetime costs are manageable year by year with good communication and expectations.
“It’s so exciting to have a baby,” Childhos said. “But it’s really important to sit down and have these conversations: what matters to us? What is something that is unnegotiable, nothing?”
