Getting Started - Financially Planning For Your Baby Video

Learn how to get started financially before having a baby
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Melanie Raposo: Hi everybody! I'm Melanie Raposo and welcome to The Pregnancy Show. The cost of having a baby these days is very expensive. So one of the first thing you need to think about before having a baby is, are you financially ready? Well, today we're breaking down the cost for you and a financial expert gives us great advice on how to budget before the baby comes. Laurie Campbell: Well, there are number of things that people need to think about. It's a huge step. It's one of those milestone steps in people's lives where it does impact their financial situation quite, quite greatly. Certainly they must think about maternity leave. If a woman is working and she plans to go on maternity leave or if the spouse plans to go on paternity leave, there is obviously a cut and pay, those are going to result from that. So take a serious look at how much pay is going to be receive through employment insurance, benefits during the time that someone is on maternity or paternity leave, that's one very important element. Some of that hits very, very quickly to is daycare costs. Even though you maybe just thinking about having a child, think about the long term implication of daycare cost, because that is quite a big hit on the pocket book. Fairly, quickly into the lives that you have as a family. One of you gets back to work, or both of you back at work, it can impact quite seriously.

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