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Reducing Our Expenses Worksheet
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.
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Download the Reducing Our Expenses Worksheet (PDF) |
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Worksheet: Balancing Your Budget While Raising a Child
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.
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Download the Balancing Your budget While Raising a Child Worksheet (PDF) |
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Preparing for Baby’s Arrival Tool: Income Reduction List
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.
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Download the Preparing for Baby's Arrival Worksheet (PDF) |
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Why do you need an RESP for your child(ren)?
As many parents already know, the cost of post-secondary education continues to grow, making it more difficult for you to shoulder the cost of tuition alone and nearly impossible for a student working part-time to pay tuition without additional help. While you might not be thinking about the costs right now, when your focus is on your new baby or young toddler, the earlier you start saving the more your savings will grow! And with incentives and tax shelters from the government, there are many opportunities to maximize your savings. With estimates putting the cost of post-secondary education well over $100,000 in the not-too-distant future, do you really want to turn down an opportunity to further your child’s education?
The Government of Canada provides incentive programs, called the Canadian Education Savings Grant and the Canada Learning Bond, through Registered Education Savings Plans (RESPs). These incentives can add a substantial amount of additional funding to your RESP savings. Your child is only eligible for these grants if you open an RESP.
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