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

Q & A on RESPs

by Maxine
Posted July 31 2010 10:49am
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For many parents the last thing they are thinking about when they gaze at their newborn is the cost of raising this baby. Thinking about this baby going off to college or university is far from their minds. Yet, planning while your baby is young can result in significant savings. Registered Education Savings Plans (RESPs) can help. The Government of Canada allows savings in these accounts to accumulate tax free until your child enters post-secondary education. The government also helps with special incentives such as the Canadian Education Savings Grant and the Canada Learning Bond. An RESP is one way that you can save for your baby’s future school costs.

The following is a series of Q & A’s about RESPs.

  1. What is an RESP?
  2. Why do you need an RESP for your child(ren)?
  3. What do I need to open an RESP for my child(ren)?
  4. How do RESPs work?
  5. How to Choose a Broker
  6. Can I open an RESP for a teenager/older child?
  7. How much will the Government contribute to my child’s future?
  8. What happens when my child is ready to use their RESP?
  9. Checklist before opening an RESP
  10. Top 10 Reasons to open an RESP

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