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| Money is often the last thing parents-to-be
think about when planning a pregnancy. Toy libraries, hand-me downs,
co-operative baby-sitting and other ideas can make the cost of having
a family fit into most of our lives. However, the financial impact
that children have on a family is significant and not always easy to
balance. You will have a lot to think about before you decide to have
children. |
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| Although it is more pleasant to spend time
imagining the joy a child brings, you still need to think about practical
stuff too.
From clothing, food, schooling, entertainment, careers and time costs,
you will want to know how your decision to have a baby will affect
your means to live and to raise a child with who you are. |
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Through
the years – cost countdown
Children are expensive. To get through, most parents spend more time
on their jobs, don’t eat out as much and spend less on themselves.
Start thinking about some changes you might be able to make. If your
budget is tight, what are some ways you can plan ahead and keep the
costs down?
Additional expenses
with baby
Remember, you need to consider what a baby really needs and what you think he
or she needs. There is a lot of influence from family, friends and advertisers.
For example, an approved infant car seat is mandatory in the province of Ontario,
but an infant swing is not. Breastfeeding and making your own baby food is much
cheaper and healthier for your baby than formula feeding and commercial baby
food. |
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| Consider this: |
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Do you have a steady source
of income? |
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Do you have any savings? |
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Are your monthly bills
higher than your income? |
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If both of you work,
would one of you stop working when the baby comes? For how long?
Do you or your partner qualify for maternity/parental leave? |
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If both of you stay at
work, who will care for the baby and what will it cost? |
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What part of your world
would change? Think about entertainment, sports, activities,
time and energy. |
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What are the most important material
things to you? |
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Knowing where your money
is at, do you need to make any changes in how you spend it? |
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| For help
close to home, contact: |
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• bank
manager
• credit counselling
• financial consultant
• library
• family/friends |
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