This is part 3 of a 4 part series on the cost of raising kids…more to the point, how to budget for them. This feature explores some of the financial considerations as kids approach school age. Full time child care is costly however can be very convenient. I’ve just started researching the options for child care once kids begin school. You’d think that full time kindergarten might help out in this regard but we will still be faced with before and after school care.

The largest expense for dual working parents is child care. Similar to pre-school child care, the main concerns are around availability, standards and scheduling. Some schools offer before and after school care while others do not. The long and the short of it is that there are registrations, wait lists and it has a place in your budget. Don’t forget to plan for the school holidays, Pro-D days and District Closure days.

Other costs relating to kids nearing this age are pre-school costs (varying from $100 to $500 per month), before/after school costs ($200 to $1,000), school supplies, fundraisers, camps, sports and/or arts and music classes. These are in addition to clothing, gifts, entertainment and food.

Time to update and revise your budget. What child care arrangements work for you? There are some creative solutions!

Considerations include:
You may find that you still need your nanny
A part time work schedule affords more flexibility but your pay check is smaller
If you find that your overall expenses are less…check your financial plan to see what goals and objectives you can apply the extra $ to – Increase your mortgage payment? Add to your RSP’s? Add to your child’s RESP’s?