5

Reducing Our Expenses Worksheet

by Maxine
Posted August 3 2010 10:44pm
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First-time parents often find the added costs of their new baby shocking. There’s a list of gear that you need, not to mention clothing, RESPs, diapers and much more.

This new parenting adventure can be an expensive one and many parents wonder how they will cope when the new baby arrives. Especially when they think about all the added expenses as that baby grows up!

You may be going through a similar experience, but we can help you to deal with this challenge. The following worksheet has been provided to guide you in preparing a budget for your expenses. Use it to help you choose the key expenses that you may need to change, as well as those expenses you may need to reduce, in order to save money for more important things which you may need later.

Download the Reducing Our Expenses Worksheet (PDF)

 

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3.5

Worksheet: Balancing Your Budget While Raising a Child

by Maxine
Posted July 20 2010 02:06pm
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You will use this tool along with the financial education video: Balancing your budget while raising a child. In this exercise, you will consider how your household income will be affected by your growing child’s needs.

 

Download the Balancing Your budget While Raising a Child Worksheet (PDF)

 

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3

Preparing for Baby’s Arrival Tool: Income Reduction List

by Maxine
Posted July 28 2010 11:16pm
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You will use this tool along with the financial education video: Preparing for Baby’s Arrival. In this exercise, you will consider how your household income will be affected by your new baby’s arrival.

Download the Preparing for Baby's Arrival Worksheet (PDF)

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0

Not Returning to Work

by Maxine
Posted September 5 2011 01:49pm
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When parents make the decision not to return to work after having their baby, they are often met with critical comments and questions from friends or family. Men, in particular, might find their decision to be a stay-at-home parent criticized. But with more and more men choosing to take parental leave, and even stay at home with the kids longer than the initial year, that’s beginning to change.

What influences parents to make the decision not to return to work? According to our experts it can be for a number of reasons, but the most common are:

  • Financial security
  • Belief that a parent at home benefits the baby
  • Less stress at home than at work
  • Support from your partner in this decision
  • Comfort and security in being an "at home" parent

Having only one parent working can be tough economically, especially if you were bringing in two incomes before the baby. The baby brings an added expense and during a maternity or paternity leave the stay-at-home parent will often be bringing in less than half of their previous salary. If that parent chooses to stay home after the one-year Canadian parents receive maternity leave benefits your income will shrink even more.

It’s important that parents discuss the financial realities that having one parent stay home brings. Talk to your partner about what you would like to do and then work together to create a budget. Be realistic about how much income you will be bringing in and how much you need to live comfortably. Maybe one parent will work full-time and the other will work part-time, or maybe you can afford to have a stay-at-home parent if you trim your spending on extras. Look at the numbers together and talk it through.

Once you have made your decision be confident and support each other. This transition can be a difficult one, especially at first, so be sure to communicate and keep talking throughout.

All families should review their budget regularly to make sure that their financial situation is working, but it is especially important as you transition to having one stay-at-home parent. You want to ensure that your original budget was realistic and to make any needed changes.

In some communities there is a lack of social support for parents who choose not to return to work, but if there are programs in your area be sure to take advantage of them.

Did you decide to stay home after having your baby? How did you manage the change in income? What advice would you give to others considering this option? Share your experience in the comments below!

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