What?! It costs $402K to raise a kid in BC

Shelter, food, car seats, babysitting, education, Osh Kosh threads, children's Tylenol, soccer fees and dance and piano lessons.

Raising a kid is hella expensive.

And, now we're able to quantify it, thanks to Statistics Canada.

The federal agency calculates the average cost of raising a child in this country from birth to age 17 is $350,000 (adjusted for inflation from the 2017 average of $293,000) .

Mason Cox, the Victoria-based director of counselling for the Credit Counselling Society, has bumped that dollar figure up 15% to $402,000 to reflect the higher cost of living in BC.

After all, the cost of living in this province is heftier than anywhere else in Canada thanks to astronomical house prices and rents and big grocery tabs.

"The numbers are quite high," said Cox.

"We just want parents and would-be parents to be aware and be prepared. Like most big life decisions, having a child comes with financial impacts."

The Stats Can study also found the majority of non-parent men and women, 75% of who want to have children) cited financial security as a deciding factor in the timing of having children.

For most would-be parents that likely means having good jobs and benefits (especially parental leave), a place to live and some money in the bank.

They probably don't think $400K.

But when you add it all up over 17 years, the cost of putting a roof over a child's head, food, clothing, healthcare, daycare, education, transportation, sports and activities certainly mounds up.

Just to boggle the mind, if you have two kids, you're in it for over $800,000, three kids you're over the $1 million mark.

And, conceivably, a kid could cost much more if you opt for private school, fancy holidays and expensive sports like hockey, and, god forbid, equestrian.

And, of course, this spending is just up to age 17.

After that, parents are likely to still be shelling out for post-secondary education and living expenses, maybe a first car and setting up their grown child's first home.

"No one wants to cheap out on their kids," said Cox.

"But, planning and adjustments have to be made by most people. Having a child is the perfect time to set out your needs and wants again and make a realistic plan and budget."

That budget doesn't have to be set for 17 years.

It can be adjusted as circumstances change.

Not everything a child does has to cost money.

Books from the public library are free to borrow, community centres may offer free programs for kids, school sports are cheaper than other sports and some after-school programs have built in activities.

Love is free and so is going to the park, on a hike, to the beach or hanging out in the backyard.