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They grow up so fast
A newborn comes with several expenses – and raising kids requires a whole new budget. From paying for extra curricular activities to covering the costs of growth spurts to saving for their future education, there are a lot of expenses to consider.
Budgeting for home life and kid life creates opportunities to talk to your kids about money and help them improve their financial literacy and skills to become successful adults.
If you feel lost, start with us - we can help you figure out how to save money while raising your kids, afford the everyday needs, and prepare for the unexpected. Here are some helpful tips:
Plan for expenses to grow as your kids do. As your kids get older, the kinds of things they get involved in or the places they’ll go often get more expensive. Planning for increased expenses means you can avoid financial surprises as kids become teens.
Take advantage of incentives and savings plans. There are several programs and tax-based incentives for parents that are designed to help you save on expenses in the long run. For example, the Federal Government will add $1 for every $5 you put into an RESP up to $500/year and a maximum of $7,200 total.
Work with a financial advisor. Raising kids is expensive! Our experts are here to help you figure out how to manage your money so that you can take care of your whole family as things grow and change. We can help you set up the necessary accounts, outline an appropriate budget, and offer solutions to help you talk to your kids about money.
How do I save for the future?
There are a few options available to help you save, including trust accounts and designated savings accounts. A Registered Education Savings Plan (RESP) is a great way to help your child cover university expenses. Our financial advisors can work with you to help you figure out which kind of account is best for you.