Your Baby Budget

tips for your baby budget

May 24, 2013

There’s no way around it – kids are expensive! If you’re planning to grow your family, it’s important to ensure your finances are up to the task of parenthood.

Check out our baby budgeting guide for tips on how to prepare for your new arrival – from newborn necessities to saving for college, we’ve got your child’s financial future covered.

How to Prepare for a Maternity Leave Pay Cut

In Canada, parents can take up to a year to care for their newborn while receiving income in the form of maternity employment insurance. However, this income is often much lower than a full time salary, prompting many parents-to-be to take a pay cut.

Check out these tips for stretching your dollars while simultaneously welcoming your bundle of joy.

Read Allan’s Blog | Prepare for a Maternity Leave Pay Cut

How to Adapt Your Parenthood Budget

Babies grow so fast – and so will your spending as they get older. If you have a baby on the way, prepare for your adult-adjusted financial plan to fly off with the stork.

From diapers and formula to toddler proofing and day care, read on to see what expenses you’ll need to prepare for along with baby’s arrival.

Read Diane’s Blog | Adapt Your Parenthood Budget

Resources and Investments For Your Child

Looking to set your child off on the right financial foot? Fortunately for cash strapped parents, programs exist to make investing in your child’s education easier on your savings account.

Read on for the top investments for your child’s future.

Read Melanie’s Blog | Resources and Investments for your Child

And in this week’s finance news…

Now and Then: Understanding a Changing Mortgage Market

We’ve created a snapshot of the Canadian Mortgage Market with a 5 Years of Mortgages infographic.

Read Kelvin’s Blog | A Changing Mortgage Market

Stephen Poloz: The New Bank of Canada Governor

Stephen Poloz is the new Governor of the Bank of Canada, taking the place of Mark Carney. How will he manage Canada’s monetary policy? Are interest rate changes on the horizon?

Read Rubina’s Blog | The New Bank of Canada Governor 

Half of Canadians to Buy Despite Tough Housing Affordability

A BMO survey finds half of Canadians are looking to buy a home despite tough housing affordability restrictions.

Read Penelope’s Blog | Half of Canadians to Buy

BoC Governor Mark Carney’s Last Speech: Canada Can Do Better

Outgoing Bank of Canada Governor Mark Carney made his final speech Tuesday, and outlined the challenges facing Canadian economic recovery.

Read Sean’s Blog | Mark Carney Speech: Canada Can Do Better

Shoppers Taking Savvier Approach to Rising Food Costs

Rising food costs are leading to savvier consumer behaviour, according to a recent RBC survey.

Read Andrew’s Blog | Shoppers Taking Savvier Approach to Rising Food Costs

Credit Card Review: Scotia Momentum No-Fee VISA

No-fuss features or fees and great cash back make the Scotia Momentum No-Fee Visa an option for everyday convenience with maximized reward return.

Read Penelope’s Blog | Scotia Momentum No-Fee VISA

It’s’s 5th Year Anniversary!

May 2013 marks’s 5th anniversary! To celebrate this milestone, we’re offering fantastic special offers for our VIPs – customers who use to find their best rate, research their market options, and learn more about the best financial products.

Read Penelope’s Blog |’s 5th Year Anniversary

5 Tips: Score Free Stuff On Your Birthday

Can a price be placed on loyalty? Retailers certainly seem to think so – and many are happy to reward consumers for their repeat business with freebies, exclusive deals and prizes. For savvy customers who know to ask, there’s a gold mine of free stuff to be had, but one day in particular holds the potential for great savings – your birthday!

Read Penelope’s Blog | Free Stuff On Your Birthday

Millennials Prefer Investing Online

Online trading and investing has become the method of choice for today’s non-stop young investor. While the do-it-yourself approach may seem hassle-free, all new investors can use a helping hand. Here’s how to access the best online trading learning resources.

Read Sean’s Blog | Millennials Prefer Investing Online

You Answered!

This Week's Question

This week on Money Wise, we asked Canadians:

What are the biggest financial challenges facing young families?

 47.1% say saving enough money to simultaneously achieve homeownership while financially preparing for parenthood is a huge challenge.

35.6% of poll takers say adjusting monthly and ongoing budgets to allow for growing family needs proves to be tough.

18.3% say financially surviving maternity leave is the roughest part of new parenthood – it’s tough to take a cut to earning power for any length of time.

Want in on the winning action? Share your thoughts on this week’s poll:

What is most confusing about credit card use?

Have a topic you’d like us to cover? We love hearing from our readers! Send us a comment, or pay us a visit on Facebook and Twitter!

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