You just got news that you’re expecting. Congratulations! You are entering an exciting new phase of your life. It can also be quite stressful. Things are going to change a lot, and ensuring financial stability for your family is extremely important. Your needs are now much different. After sitting down with your doctor, the next person you should seek out is your financial planner/advisor. Your existing financial plan, and its goals, are in need of a serious tune-up. A major life event, like the birth of a child, requires significant new planning. Some of the concerns you can expect to discuss with your advisor include:

  • Will you have enough money to cover a maternity leave?
  • Do you have an emergency fund?
  • Creating a budget. Did you know a child could cost you $10,000+ before they reach the age of 1?
  • Reviewing insurance needs. You now have loved ones to protect from an untimely death or disability.
  • Are you anticipating childcare costs?
  • Do you have a will?
  • Developing an education savings plan. The government will contribute an additional 20% of your annual contribution (per child) up to $500 to a Registered Education Savings Plan (RESP). There are other benefits as well.

For all those parents out there reading this article thinking, “Geez, thanks a lot, as if I wasn’t already stressed out enough as it is, where do I find the time and money to do this?” You should first know that very few people do all these things. It’s time-consuming, and to some, may even seem boring. The truth is though, the rewards are tremendous. It will literally make you feel better, and ultimately, leave your family in an improved financial position. It’s very achievable. Start your plan by making ‘baby steps’ towards these goals (pardon the pun), and before you know it… you’re there.

by: Jeff Caine, Financial Advisor, Racine Financial
e-mail:, phone: (905) 885-0815
published: December 9, 2015


*The contents of this article are timely to the date it was published. While much careful thought and research was employed in writing the article, it is meant to be general advice for a broad audience. Do not take action based on this content without first seeking professional advice. Contact Racine Financial to discuss any queries regarding this article. Racine Financial does not accept or assume any liability stemming from a loss based on action taken because of the contents of this article.