Welcoming a child into your home brings with it great joy, but it also introduces a lot of new expenses for clients.
Recently, the Financial Consumer Agency of Canada added a resource to its website that will help parents manage their new monetary responsibilities, and aid advisors in helping these clients plan for the future.
"Having children changes your life very quickly," says FCAC Commissioner Ursula Menke. "Most people know there will be costs for things like diapers and childcare, but they may not realize how many they will face or how high they can be."
The guide, called Having Children covers a number of different topics and provides tips on saving money, budgeting, applying for maternity leave and benefits, and ways to plan ahead.