I'm about to have a baby, what should I expect financially?

As you prepare for the arrival of your baby, it’s important not to overlook your financial planning. Proactive planning will help you make decisions today to protect your finances in the future, reducing stress during this time in your life. This video goes over the different wealth planning opportunities you should be considering at this stage.

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Video transcript

When preparing for the arrival of a new baby, one of the most important things to do is prepare financially. By planning ahead, you will be able to guarantee a secure financial future for the newest addition to your family. Here are some things to consider:

Plan out your parental leave

Ensure you are aware of what benefits you will receive from the government, find out if your company offers parental leave benefits and assess what the impact of this leave will have on your income. 

Revisit your budget

Try to adjust it to what you think your life will be like once the new baby arrives. Things are going to change. Yes, you will buy lots of diapers, but you will probably be going out for dinner a lot less, too. 

Start thinking about and planning for childcare costs 

The cost of childcare can be very high. It can also often be difficult to get a spot. While you are planning your childcare costs, you should also contact childcare centres you’re interested in and put your name on the waiting list. 

Obtain or update your life insurance

You are about to have someone else depending on your income. Protecting it is important.

Update or create your will

It is important to determine who would become the guardian for your child if you are no longer able to do so. 

Adding a new baby to the family comes with a long list of responsibilities. Starting to think about how you can prepare financially will alleviate stress, letting you enjoy your new role as a parent. Speak to a financial professional to help you make sure everything is in place before the baby comes. Congratulations!