5

Reducing Our Expenses Worksheet

by Maxine
Posted August 3 2010 10:44pm
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First-time parents often find the added costs of their new baby shocking. There’s a list of gear that you need, not to mention clothing, RESPs, diapers and much more.

This new parenting adventure can be an expensive one and many parents wonder how they will cope when the new baby arrives. Especially when they think about all the added expenses as that baby grows up!

You may be going through a similar experience, but we can help you to deal with this challenge. The following worksheet has been provided to guide you in preparing a budget for your expenses. Use it to help you choose the key expenses that you may need to change, as well as those expenses you may need to reduce, in order to save money for more important things which you may need later.

Download the Reducing Our Expenses Worksheet (PDF)

 

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3.5

Worksheet: Balancing Your Budget While Raising a Child

by Maxine
Posted July 20 2010 02:06pm
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You will use this tool along with the financial education video: Balancing your budget while raising a child. In this exercise, you will consider how your household income will be affected by your growing child’s needs.

 

Download the Balancing Your budget While Raising a Child Worksheet (PDF)

 

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3

Preparing for Baby’s Arrival Tool: Income Reduction List

by Maxine
Posted July 28 2010 11:16pm
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You will use this tool along with the financial education video: Preparing for Baby’s Arrival. In this exercise, you will consider how your household income will be affected by your new baby’s arrival.

Download the Preparing for Baby's Arrival Worksheet (PDF)

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0

How to Choose a Broker

by Maxine
Posted August 1 2010 12:36am
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When looking for an RESP provider, it is important that you shop around and ask questions. Be sure to choose a company that you feel comfortable with, as you will be working with said company throughout the lifespan of your RESP.

RESP providers may be from a bank, a mutual fund company, a discount brokerage, or another financial institution. They must be registered and regulated by the government. They will help you pick the plan that works best for your situation and will offer you advice on making safe investments for your money. Your provider will manage the payments when your child starts post-secondary education and needs to collect the funds.

Your provider will also help you manage your contributions should your child decide not to continue his or her education after high school.

Be sure to ask many questions, as RESP providers offer different plans that have different rules or restrictions. Some charge service fees or limit the amount of money you can put into your plan. In some cases the terms of your contract dictate how often you can contribute and/or that you must make regular payments.

The Government of Canada suggests reading this information before choosing an RESP provider: http://www.canlearn.ca/eng/saving/resp/mcn.shtml and the offer a list of suggested questions to ask: http://www.canlearn.ca/eng/saving/resp/qrp.shtml

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