Baby costs: Can you afford another child?

Two-hundred-and-forty-four-thousand dollars. That’s how much each of your children will set you back by the time they turn 19, according to the most recent Canadian data (compiled by our sister publication MoneySense). And that’s not including post-secondary education.

Yes, raising kids is expensive. But adding to your family doesn’t have to break the bank. The good news is that you’ll save thousands of dollars on gear the second (and third) time around. Plus, you have plenty of practise living under baby-induced austerity. And, just remember, it doesn’t last forever. “Either you’re going to stress over it or you’re going to suck it up,” says JulieMae Doherty, a mom of three from Toronto. “We’re sucking it up.”