Having a financial plan that’s tailored to your specific needs can ensure you’re ready for the changes a child can bring into your life – at least with the changes related to your monthly budget. As you are building your plan, here are some things to remember:

• What does parental leave mean for you? Whether one parent takes the full allotted 35 weeks or it’s split between two people over 40 weeks, taking a leave from work may mean a reduction in income. Take time to understand the financial impact of a leave from work so that you can focus on adjusting to life with a new baby or child. 

• Changes to your taxes. How does having a child impact your taxable income? For example, if you get extra income while on maternity leave, you will have to claim it on your taxes. Take a moment to understand how this change in your family structure will impact your taxes. 

• Understand the costs of having a child. Growing your family is not cheap, but with a little advance planning, it doesn’t have to break your budget either. Expenses to consider when creating or updating your budget include: 

If starting a budget for your growing family feels overwhelming, don’t worry - many of us have been there too. It’s a lot to think about and we’re happy to help you sort through all of it, ask the important questions, and come up with a plan.