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.

Money matters

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