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ASC ExternalSite > Investors > Investor Resources > You ASC'd Blog > Posts > Babies and bank accounts: The ABCs of family budgeting

August 26
Babies and bank accounts: The ABCs of family budgeting

Spring and summer are seasons of change – certainly one of the busiest times of year for high school and post-secondary graduations as well as weddings. Throw in the odd retirement party, and baby showers, and people of all ages are going through major life changes this time of year. This post concludes the “Summer Celebrations” blog series with a look at the financial considerations that come with welcoming a new addition to the family.

Starting or adding to a family

Having children changes your life – and your financial life is no exception. You’ll need to start making your family budget a household priority, if you hadn’t already. If you have an existing budget, you’ll need to make adjustments to account for the newest member of your household.

  • Start saving for your child’s post-secondary education - it may seem far off now, but before long, they’ll be in school and potentially off to college or university. Consider looking into something like a Registered Education Savings Plan (RESP). RESPs are registered by the Government of Canada and are tax-free until the child enrols in further studies. Starting an RESP and letting your children know that you are contributing not only helps to provide for their future, but also models how having a plan can help a person reach their financial goals. Most banks, credit unions, mutual fund companies, investment dealers and scholarship plan dealers offer RESPs.
  • Besides RESPs there are some national and provincial government grant and education savings incentive programs that you will want to be aware of.
  • Give your children the opportunity to develop responsible money management at an early age. Earning an allowance and encouraging your child to track spending, saving up for something special to buy, and putting money away are great ways to teach your child how to value money.
  • Consider the calendar - important dates like birthdays and holidays may require extra expenditures to be accounted for in your budget. Likewise, once your child is old enough to participate in seasonal activities, these should be considered as well, such as the cost of hockey equipment or summer camps.

If you are on the parenthood path, it’s never too early to start planning for your family’s financial future.

Check out the previous instalments in our ‘Summer Celebrations’ blog series below!

Have a great summer everyone!

Helpful links

RESP Checklist

Ideas for how to be a money mentor to kids (for both parents and educators)

Financial literacy resources for parents from the Canadian Bankers Association