Get your finances in order before baby arrives


Can’t wait to welcome a new baby? Congratulations. If you’re here, it means you’re looking for expert advice on preparing your finances for the arrival of your newest family member. This is a crucial aspect of a future parent.

The importance of this education is underestimated, as you could go into deep debt and declare bankruptcy trying to educate your child. Yes. Caring for a baby is expensive, and a responsible financial plan is sure to put you on a smooth landing as you strive to achieve your financial goals.

According to previous studies, it is possible to spend between CAD 10,000 and CAD 15,000 for a child per year. The relevant and somewhat complicated intricacies of financial planning will be covered here, as we provide a step-by-step guide on what to do to provide your child with a safe landing, financially.

Before baby arrives

This is the first step and your chance to begin the process of planning for your child’s future. It involves good research and good planning. The following tips should be on your to-do list before your child arrives.

Create a budget before arrival

First, start with a list of items that may require huge funding. Strollers, infant car seat, crib, etc. could be some of the supplies you may need. Essentially, cash-intensive purchases that you deem necessary should be on this list.

Remember, these should only be essentials. It may be a long road and you don’t want to run out of money. Pay attention to prices and compare sellers to find the best option. Fundraising could be a challenge. Luckily, there are several options you can check out, including researching the best payday lenders. There are many payday loans guaranteed no matter what Canada 24/7 services to be verified. It’s a great way to relieve the pressure when planning your baby.

Take advantage of maternity leave

Using maternity or paternity leave gives you options to save money while planning the next step with your partner. There is the employment insurance program, which could benefit you as a future parent.

Be sure to speak to HR about what this covers, including benefits and other government amenities (if available). A common offer is the Canada child benefit (CCB), for which you can apply immediately after birth. It is tax-free and paid annually until your baby turns 18.

Saving funds for rainy days

It is possible to run out of funds in an emergency. For this reason, a separate emergency savings can help. This will serve as your first defense when unexpected expenses arise and you won’t need to dip into your investments.

Long term investments

Amid the excitement and plans, now is a great time to consider investing in your baby’s name. The first should be life insurance, if available. Find out how to expand your list of beneficiaries. An education trust fund or investment plan will also be great for your child’s post-secondary education.

If possible, they should be part of non-taxable incentives, so that dividends do not decrease. Don’t forget to continue contributing to your retirement investments, especially if you have decided to have a child late in life.

Save as much as possible

Between the bad weather funds and the investment, you might have an intermediate savings plan, which can also increase your budget. Here are a few tips :

  • Use reward programs to accumulate points. Is it possible to earn points by using a credit card to buy? This can guarantee you extra points redeemable at baby retail stores.
  • Compare options between pre-loved items and new items. Chances are you can find second-hand baby supplies from family and friends at cheap prices. This can help you save as much as possible.

After arrival

Now your baby is here. And you hold her little fingers in your palm. Now is the time to manage the various cost implications.

Submit a registration for your child

The first step is to inform the government of the birth of your child. Obtain a birth certificate in your province. Procedures may vary from territory to territory. The importance of this financially is to make sure your baby gets a social insurance number as well as a health card.

Ensure all expenses are accounted for

To show that you are responsible for your finances, it is important that you have a checklist of all expenses made, especially during the first 6 months after birth. It’s easy to lose the thread between caring for the baby and working.

Here’s a simple tip: for all diapers, baby food, and clothing, a simple spreadsheet will do. This will help you know how much has been spent and where you may need to manage more.


As the first birthday approaches, it’s time to think about the childcare options available. It is difficult to find good childcare options, as the law stipulates a particular number of children per space, outside of preschools.

The reason you should start planning is that it is expensive and may not be sustainable. Also, finding a quality daycare is a challenge and can be time consuming. The types of child care available vary from province to province.

A majority of parents opt instead for an unregulated childcare option, such as a live-in nanny or contract babysitter. To keep costs down, find out about rates before you start finding one.

To keep costs down, you can make your choices based on recommendations from family and friends. It’s also a great idea if you have a daycare center at your office. The advantage is that it will be less expensive for the staff, which will save you the time and stress of picking up your child from a distant centre.

Save storage funds as savings for rainy days

With children, anything can happen. The basic idea is to take care of your baby without touching your investments. This can be done by putting part of your budget into a separate account.


Financially planning for the arrival of a newborn is not easy. However, you can relieve some pressure by researching the financing options available to you. Taking advantage of government benefits and reliable payday lenders is essential.

Don’t forget to adjust your will and life insurance to accommodate the new family member. Good insurance and strict instructions for managing your estate will put your child on a good landing strip in life.


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