Having a baby is definitely a happiness situation but it also involves major lifestyle changes. While this brings you a lot of joyful time in your family, it also involves lot of planning, stress and thinking to reform your financial budget. Below are the simple tips that you help you to make your financial budget in good shape.

Budget Planning

• Allocate your income and expenses properly and check your affordability for new baby
• Identify how you can pay for coming expenses (e.g daycare fees, diapers, etc)
• Identify and determine how you will manage your finances while you and/or your spouse will be away on parental leave
• Talk to your financial planner and prepare your Financial Need Analysis

Talk to a financial planner

• Update the beneficiaries of your insurance policies and savings plans
• Redesign your life insurance plans to ensure your liabilities are fully covered while you are not there to support your family.
• Think for buying other insurance coverage like disability, critical illness and long-term care to protect your savings in case you get sick or become disabled
• Enhance and redesign your savings strategy
• Start thinking about your children's future. Register for your children education saving plans (RESP) and get benefit of grants provided by Government of Canada

Start your estate planning

Estate planning is the process of organizing and anticipating for the disposal of an estate during your life. You need to get an idea of what is involved in settling of your estate.

A typical estate planning involves;

• Planning and settling final taxation issues,
• Creating a Will and
• Financial planning of your estate and improve your savings strategy.