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

Returning to Work Early

by Maxine
Posted September 5 2011 02:20pm
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In Canada, one parent can take up to one year in paid maternity leave, but sometimes parents decide to return to work earlier than planned. Sometimes things don’t work out quite the way you planned them and if the drop in income that comes with being on maternity leave is too much for the family to manage or if circumstances change unexpectedly, parents can find themselves making the decision to return early.

This sometimes leads to feelings of guilt and fear. They fear that they may not be able to make it financially. The guilt comes from leaving their baby while he's still so young.Parents return to work early for many reasons. Our experts have created this list of the most common reasons:

  • Financial stress and a need for the additional income
  • Feeling of isolation and/or lack of fulfillment
  • Struggle with the monotony that being at home can produce
  • Longing for the contact with other people
  • Need for the stimulation that work can provide

When you are struggling with this decision it’s a good idea to monitor your budget and expenditures more than ever. Cutting your expenses by just $50 a week can save you $2500 over a year. This may give you the relief you need, allowing you to stay home with your baby.

Once you’ve made the decision to return to work you should plan for your childcare arrangements as early as possible and have backup plans. Quality care is very important to your child's development and it is not always easy to find. Some cities have long waiting lists, so be sure to look into this well in advance, if possible.

It can be hard not to feel guilty about leaving your baby to return to work, but remember that this is a decision many parents make and with high quality childcare arrangements, your baby will be able to grow and develop just fine.

And there might also be an opportunity to transition slowly back to work. Your employer may support your slow entry back into the workplace, starting with part time at first leading to full time. Discuss the options and see if you can find a solution that works for both of you.

Did you take your full maternity leave or did you return to work early? What factors contributed to your decision? How did you feel about it? Leave a comment and share your story with parents just like you!

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