Through the years – cost countdown
Children are expensive. To pay for childcare, most parents 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?
Get talking before money speaks
Do you have a steady source of income?
Do you have any savings?
Are your monthly bills higher than your income?
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?
If both of you will continue working, who will care for the baby and what will it cost?
What parts of your lifestyle would change? Think about entertainment, sports, activities, time and energy.
What are the most important material things to you?
Knowing where your money is at, do you need to make any changes in how you spend it?
Can you begin to save for your child’s education?
Having a child is definitely a priceless experience. However, in terms of cost, children can be “pricey” as well. According to the Canadian Finance Blog, the first 19 years of a child's life (newborn to age 18) will cost about $186,000.