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…

  • Get an idea of what's involved in settling an estate
  • Name an executor
  • Set up your Personal Record (PDF, 186 KB) so all your personal information and documents are in one place to make things easier for the executor

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

Other links and useful tips

Human Resources and Skills Development Canada – Guide to services and information about programs and benefits for children

Having a Baby - Service Canada