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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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What is an RESP?
An RESP (Registered Education Saving Plan) is a registered savings account with the Government of Canada that allows parents to save money for their child’s education after high school. The interest on the money is not taxed until it is taken out of the account, (unless you contribute more than $50,000). When the RESP funds are withdrawn to pay for tuition, the money is taxed to the student and not to the parent. Since most students have little or no income they will likely pay little to no taxes on this money.
If your child decides not to continue his or her education past high school, the money in an RESP can be transferred to another beneficiary (a younger child, for example) or, in some cases, it can be transferred into your Registered Retirement Savings Plan. The funds can also be withdrawn, but taxes will have to be paid on the accumulated interest. Any government grants you have received on the money will be returned to the government.
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