Budgeting for children

What to include:

* Budgeting for a new baby

* Babysitting and/or daycare costs (if returning to work early)

* Formula and bottles if bottle-feeding

* Diapers — a single upfront expense if using cloth (plus additional laundry);
an ongoing expense if using disposables

* Furniture, such as a crib, dresser, changing table and rocking chair

* Redecorating for baby’s new room

* Clothing

* Infant car seat

* Baby-carrying devices, such as strollers, front carrier, sling, backpack

* Miscellaneous items, including books, toys, bedding, mobiles, play mats,
swings and bouncy seats

* Family gathering to celebrate the birth or any religious ceremonies (i.e. baptism)

* Initial RESP contribution

Budgeting for older children

* Daycare costs, after school care, summer programs

* Clothes, footwear and outerwear for each season

* Books and toys

* Registration fees, uniforms and equipment for classes and activities

* Tuition fees for preschool, or private school if you make that choice

* Annual birthday parties

* Medical and dental costs (prescriptions, increased group benefits costs for dependents)

* Haircuts

* Annual RESP contributions

Content provided courtesy of Manulife Investments

© Copyright of this article is held by The Manufacturers Life Insurance Company (Manulife Financial). You are free to make copies of this article and to distribute it, either in paper form or electronically, as long as you do not change or remove any part of this work. All other uses are prohibited.

Manulife Investments is the brand name identifying the personal wealth management lines of business offered by Manulife Financial and its subsidiaries in Canada. As one of Canada’s largest integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, principal protected notes, annuities and guaranteed interest contracts.

WealthStyles, Manulife and the block design are registered service marks and trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates including Manulife Financial Corporation.

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