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  • Stanley Yuen

Baby!


Happy summer everyone! The first half of 2018 has been extremely busy for us. We moved to a new place...and we had a baby girl! Don't think we've ever been this exhausted, but it's truly all worth it. Looking back at all our blogs, the main theme has been how to provide children with a solid foundation in financial literacy and money management. However, before we're able to teach our children, we actually need to budget for them!

The list is endless, but it includes: diapers, stroller, car seat, maternity leave/Employment Insurance, clothes, etc etc etc! (I think I'll need to write a separate blog just for daycares...) When your baby arrives, it will definitely be a physical, emotional and mental shock, especially with the lack of sleep, but it will also be a financial shock.

Everything might seem more complicated with a baby involved, but budgeting is still budgeting. And when you have a clear outline of what your expenses are, you'll feel a lot more comfortable with your purchases. It's really as simple as writing down how much you want/need to spend on an item and going out to shop for it. That is, if you've budgeted $500 for a stroller, don't go out and spend $1,000! That would really cause a dent in your plan, and in your wallet.

Check out this helpful article from Today's Parent. It provides tips to raising a baby on a budget! For example, find low cost entertainment such as a neighbourhood park as opposed to an amusement park, or shop second hand for toys and clothes, or visit the local library and community centre for free programs. Another tip is to ask friends and family for hand-me-downs.

Enjoy your summer, I'm going to change my daughter's diaper now...

#baby #expenses #plan #budget #TodaysParent

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