Today's modern parent: Daycare poor, with little to save

The Globe and Mail 

On July 2nd, Tamara Baluja of the Globe and Mail wrote an excellent article that highlights the huge financial impact that the cost of child care has on Ontario families.

Take Jeff Jurmain: He and his wife bought a house in Toronto’s family-oriented Leslieville neighbourhood.

For a while, they were living comfortably with two decent-paying jobs and a $2,300 monthly mortgage, but then came the financial shock of enrolling their first son, Holden, in a daycare that cost $1,700 a month. They decided they couldn’t balance it with their other monthly expenses. Mr. Jurmain’s mother stepped in, first looking after Holden herself, then footing the bill for his care.

“I wish I could take care of everything, but I’m very appreciative of my mother’s offer,” Mr. Jurmain said. “She offered because she knew we couldn’t have done it with daycare costs being what they are.”

Mr. Henry and his wife Marilyn got creative. When Jarrett and Kaitlyn were old enough to attend part-time kindergarten classes, they sent them on opposite days so they could share one daycare spot. “This way we cut our expenses in half,” he said.

During that time, however, Mr. Henry did not put any money toward Registered Education Savings Plans. “The fact that we didn’t invest in any long-term savings was really weighing on my mind, especially since I work in the education sector myself,” said Mr. Henry, manager for student access at Humber College. “I know the value of post-secondary education and it was a tough call, but we had to deal with the immediate.”

To read the entire article, please click here.