The arrival of a new baby is a joyful time – but it's also a time of major lifestyle changes (and changes to your bank account balance too!). These simple tips will help make sure your family stays in good financial shape.
Create a budget so you can…
- Allocate income to expenses (rent, groceries, loan payments, etc.)
- Figure out how you'll pay for new expenses (e.g. daycare, a crib, diapers, etc.)
- Determine how you're going to manage financially while you're on parental leave
Start your estate planning so you can…
Need help with estate planning?
Tips from an expert
Talk to a representative or a financial planner about…
- Updating the beneficiaries of your insurance policies and savings plans
- Taking out life insurance to make sure your loved ones are taken care of when you die
- Buying other coverages (disability, critical illness, long-term care, etc.) to protect your savings in case you get sick or become disabled
- Improving your savings strategy
- Preparing for your children's future (education savings plans)
Talk to your employer about…
- What changes should be made to your group insurance coverage and your retirement savings plan