There’s no way around it – kids are expensive! It costs an average of $242,000 to raise that bundle of joy to the age of 18. For new parents, though, the first year of costs can be an especially terrifying challenge.
Fortunately there’s no need to lose sleep over your baby’s budget (you can thank your newborn for that!). Whether you’re looking for cheap baby gear, affordable childcare, or ways to boost your income while on leave, we’ve got some great ways to give you a financial headstart.
Borrow Baby Clothes For Big Savings
Looking for a few quick ways to save on your baby’s needs? Why buy new when much of your first year supplies – clothes, toys and equipment – will be rapidly outgrown by your tot? Take the lead of money savvy parents everywhere – and borrow what you need!
We’ve put together your baby gear guide to help know what you can use second hand (and what you really should shell out for). Just remember to say please!
Read Allan’s Blog | Borrow Baby Clothes For Big Savings
Maternity and Parental Leave
Baby means more bills – but taking leave from the workplace can leave you with less means to pay them. Not only do many soon-to-be parents feel tighter in the pocketbook, but planning your leave means sorting through a sea of paperwork, federal and provincial law, and tricky rules.
Whether you’re applying for EI or looking to boost your income while on leave, we’ve got ways to navigate the system.
Read Diane’s Blog | Maternity and Parental Leave
Daycare Costs: Can You Afford It?
Finding good childcare is a huge conundrum facing parents returning to the workplace. Arm-length waiting lists and thousands of dollars in monthly fees can greatly limit the options for many families, especially those who rely on subsidized care. What’s a busy working parent to do?
Read on for tips on finding the best daycare for your child – and your budget.
Read Melanie’s Blog | Daycare Costs: Can You Afford It?
And in breaking news this week…
Baby to Teen: The Costs of Raising a Child
When it comes to kids, here’s the cold, hard truth: it costs roughly a quarter of a million dollars to raise a child from birth to their 19th birthday. Have you picked your jaw up off the floor yet?
Read Rubina’s Blog | Baby to Teen: The Cost of Raising a Child
Scotiabank buys ING Direct for $3.126 Billion
Scotiabank has purchased ING Bank of Canada, the largest online bank in the nation, in a deal totaling $3.126 billion. The sale, expected to close by December, is anticipated to result in a net investment for Scotia of $1.9 billion, and retail deposits of over $30 billion to the bank’s balance sheet.
Read Penelope’s Blog | Scotiabank Buys ING DIRECT
Canada’s Housing Market is Less Affordable: RBC
The province you reside in can make a big difference when it comes to buying a home. A Housing Trends and Affordability report by RBC sheds more light on on what potential buyers and current homeowners can afford, based on their income, mortgage payments and property taxes.
Read Andrew’s Blog | Canada’s Housing Market is Less Affordable
Online Trading Rules for Risk Management
Looking to invest in the stock market with decidedly limited funds? Shrewd strategy is the key to making the most of your money. Before making your first trade, ask yourself: how much risk is a deal breaker?
Read Penelope’s Blog | Online Trading Rules For Risk Management
39 Per Cent of Canadians Expect a Raise This Year
Canadians are feeling much more confident about their jobs compared to this time last year. A BMO poll shows that optimism is up by 11 per cent regarding company expansion, opportunities for promotion and increasing expectations for pay raises.
Read Penelope’s Blog | 39 Per Cent of Canadians Expect a Raise This Year
GDP Growth to Drag With Less Government Spending
Looks like the Bank of Canada has been a tad too optimistic about the government’s willingness to spend – and that recent belt-tightening measures will amount to a 0.2 per cent drag on our country’s GDP growth.
Read Penelope’s Blog | GDP Growth to Drag
Canadian Debt Reaches 8-Year High
Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192.
Read Penelope’s Blog | Canadian Debt Reaches 8-Year High
This week, we asked Canadians:
What’s the biggest cost of having a baby?
61% of poll takers say the first-year costs – finding the budget for diapers, food and gear – is the biggest hit to the wallet.
35.6% say taking a paycut for maternal or parental leave left a mark on their bank account.
3.4% said the biggest cost was incurred during pregnancy, as decorating and baby proofing failed to make a dent.
Do you love awesome prizes? Answer next week’s question, and you could WIN a $25 gift card!
What financial topic causes the most conflict?