Those that own, have jobs, need to pay for daycare or babysitters and all the other bills on top (groceries, hydro, heat, water, etc) can be difficult. Often times people say to me how they can’t wait to start a family but they need to wait until they can afford it, or the opposite in that they can’t wait to own the home of their dreams with their family. Often times people feel they need to choose one or the other because it seems impossible to do both.
I’ve been asked how we do it, how we even afford to feed our kids or get clothes on their backs. How do we afford to live in Toronto with such a large family. It’s something I don’t really understand because I have become accustom to my life, and how I budget plus get everything running smoothly. But you’d be surprised the amount of people who are floored we do what we do, because they feel they can’t at least not all at the same time.
According to the Terrible Money Twos survey conducted by RateSupermarket.ca, which polled 1,700 Canadians find that 55.6% of respondents think their ability to start or grow their family is hugely impacted by real estate and the prices in their area. For millennials that challenge is higher at 72.11%.
For us we chose to start a family before home ownership. I was young when I started my family and I didn’t think I’d be able to have both, and while owning a home is ideal before starting a family it didn’t look like it would be possible for me (due to the no credit I had shared in my previous post) so for us it was a this or that situation for sure.
Starting a family isn’t cheap and when you think of it neither is owning a home, but it doesn’t have to be a deal breaker when it comes to owning a home and having a family. Do you have good credit? Do you long for a family and home ownership?
We’ve been planning for the last few years for our journey to home ownership. With my now establishing credit, both of us working great jobs with great money coming in it’s looking more and more possible for us to get a Mortgage we can afford. Using RateSupermarket.ca millions of Canadians, like myself can find personal finance products such as Mortgage rates. Mortgages rates are easy to compare with the helpful Mortagage Rate Comparison tool and I’ve found wonderful help with the Mortgage Affordability Calculator.
- 54.5% said family costs were more than they anticipated
- The price of food topped the list of unexpected costs for parents at 26.5%
- 52.8% of respondents say they cannot start or expand their family in their current home
- 49.4% of respondents say they have changed their minds about their desired family size due to associated costs
- 71.4% of millennial respondents say they would need to make significant financial changes before starting a family, lead by increasing savings at 41%
For more information including a wonderful infographic that helps give a much clearer picture please click the image above or go visit RateSupermarket.ca.
Are you suffering from The Terrible Money Twos? How do you manage?
Disclosure: This post was Sponsored by RateSupermarket.ca. However all opinions are mine and 100% true.