Financial planning for new parents

Becoming a new parent is an exciting and stressful time for anyone. With a new baby in the house, there are so many changes and adjustments that need to be made to the daily routine and it may seem overwhelming. Getting through one day at a time becomes a goal. For many people, the last thing they want to think about is their financial future.

Financial planning is critically important for new parents. There are numerous things to consider. Here are a few things Naicker & Associates want you to start thinking about:

Set your budget

Figure out how much of your household budget will be going to the new baby. Staples such as diapers and formula cost far more money than most people think. Ensure that you’re ready for the new expenses and that you won’t be going into debt to pay for everything.

Combined with that, find out ways to save as much money as you can when buying what you need. Used clothing, equipment, and toys can be found online, in thrift and consignment stores, and from neighbours and friends.

Get your child’s Social Insurance Number

You can do this in the hospital, if you’d like, and there are numerous tax breaks and deductions that you need a SIN for.

Think about the future

Starting a Registered Education Savings Plan is a great way to put some money away for your child’s university or college education. Don’t forget your own retirement savings, though. Update your will, or prepare one for the first time, to protect your child in case anything bad happens.

Going to see a Chartered Professional Accountant, such as Naicker & Associates, is a great idea whether you live in Port Moody, Burnaby, or anywhere in the Lower Mainland. We can help you navigate these tricky financial waters and make sure you and your family are ready for what comes next.