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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

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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.

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Mark Huber is a certified financial planner, author, speaker, coach and successful online entrepreneur. Marks philosophy: "The best way to predict your future is to create it...." Marks top requested titles: "The 8 Top Simple Ways To Get More Leads & Sales For Your Business On LinkedIn" "How To Blog To Make Money" "How To Get Rid Of Credit Card Debt Fast" "How To Get Rid Of Your Mortgage And Create Wealth - The UnCanadian Way" Marks mission: "To teach, support and empower people as they transform their lives!"