Last Reviewed April 2011

Financial Check

Money is often the last thing parents-to-be think about when planning a pregnancy. Toy libraries, hand-me downs, co-operative baby-sitting and other ideas can ease the cost of having a family fit into most of our lives.

However, the financial impact that children have on a family is significant and not always easy to balance. You will have a lot to think about before you decide to have children.

Additional expenses with baby

Remember, you need to consider what a baby really needs and what you think he or she needs. There is a lot of influence from family, friends and advertisers. For example, an approved infant car seat is mandatory in the province of Ontario, but an infant swing is not.

Breastfeeding and making your own baby food is much cheaper and healthier for your baby than formula feeding and commercial baby food.

Things to think about

Do you have a steady source of income?
Do you have any savings?
Are your monthly bills higher than your income?
If both of you work, would one of you stop working when the baby comes?
For how long? Do you or your partner qualify for maternity/parental leave?
If both of you stay at work, who will care for the baby and what will it cost?
What part of your world would change? Think about entertainment, sports, activities, time and energy.
What are the most important material things to you?
Knowing where your money is at, do you need to make any changes in how you spend it?

Charting Your Expenses

Knowing in advance what expenses a new child adds can make your growing family's finances easier to handle and, in many cases, save you a considerable amount of money.

Use the first chart to itemize your current monthly expenses, and then use the second chart to estimate how much you need to budget for your new baby.

Where does your money go right now?

Use this chart to itemize your current monthly expenses:

Housing (mortgage or rent, property taxes and insurance, other)
Utilities (heat, hydro, water, phone, cable TV, other)
Food, supplies and maintenance (groceries, cleaning supplies etc.)
Transportation (car loan, gas, oil, repairs, bus etc.)
Clothing (footwear, clothing, dry cleaning etc.)
Health care (life insurance, dental, medical, vision etc.)
Recreation & entertainment (vacation, hobbies, books etc.)
Extras (gifts, donations etc.)
Total

Compare this to your total monthly income

Additional expenses with baby

Itemize your expected baby expenses below:

Baby equipment (crib, car seat, stroller, etc.)
Furniture
Food, supplies and maintenance (groceries, cleaning supplies etc.)
Diapers (cloth or disposable)
Feeding baby
Clothing
Toys
Child care
Health needs
Other
Total

For more information:
Region of Peel — Public Health
905-799-7700 Monday to Friday 8:30 a.m. to 4:30 p.m.
Caledon residents call free of charge at 905-584-2216
To speak with a Public Health Nurse