Financial advice for new parents


 
Financial checklist for new parents
Need some peace of mind to help you sleep better? When you finally get to sleep, this checklist can help.

1. Develop a spending plan
Do you know where your money's going? You're going to have new expenses and likely operating with less money while off work. Make sure you know what your parental leave income will be and ensure you know where you are spending your money.
2. Have enough life insurance
You and your spouse should ensure you have enough life insurance to provide for your child should the unthinkable and unexpected happen.
3. Protect your finances
The effects of a critical illness can impact you and your family in many ways, including your financial plan. Having coverage will help you to focus on the care and recovery your family needs if you or a family member are faced with a serious illness.
4. Invest for your child's future
It's amazing how quickly they grow. Start a RESP as early as possible and take advantage of the matching government grants. Waiting until high school removes growth potential that can make a huge difference when they go to university or college.
5. Keep saving for your retirement
Retirement savings can be easy to postpone when juggling new expenses and saving for your child's education. Even small contributions can make a big difference down the road.
6. Prepare a will
Visit the Canadian family website to learn the importance of having a will.
Life's brighter under the sun
Making a decision to have a child - it's momentous. It is to decide forever to have your heart go walking around outside your body. ~ Elizabeth Stone ~
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book cover of A Woman's Guide to Optimum Health links to page titled A Woman's Guide to Optimum Health "A Woman's Guide to Optimum Health"
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