When you hear the term “family planning” you might be thinking about the aisle at the pharmacy or grocery store. Or, you might be thinking about how or if you want a family at all, or how to make the experience as joyful and confident as possible. 

Planning to expand your family is a big deal, from trying to conceive (TTC), managing pregnancy, from booking your prenatal classes to figuring out where the baby is going to sleep, or the basics like what car seat or stroller to buy (and more!). It can be overwhelming for so many and among these challenges, financial planning stands as a cornerstone, shaping the foundation upon which your family will thrive. As you embark on this journey, it’s crucial to consider not only the practicalities of budgeting for a new family member but also the broader context of your privilege, existing community support network, and the dynamics of your parenting arrangement. Sounds pretty straightforward right?

Financial planning for a new family member involves more than just crunching numbers; it’s a holistic endeavor that encompasses emotional and logistical labor. Who takes on this responsibility within your family unit? Are you navigating parenthood solo, or do you have a partner or support group by your side? These questions are pivotal in understanding how to approach financial planning effectively. Here at Brood, we understand that family defies definition and that no two are alike, and so your financial planning needs to work for YOU!

Taking stock of your support networks and community.

It’s essential to acknowledge the resources you have to work with. Do you have access to a robust support network of family and friends who can offer guidance and assistance? Are you financially secure enough to hire extra help, like that of a birth or postpartum doula or night nurse, dog walker or meal delivery service? Are there community resources available to aid you during this transition? Don’t hesitate to ask for help from those around you (helping you will make THEM feel good after all!). Recognizing and leveraging these supports can significantly alleviate the burden of financial strain that often accompanies parenthood.

Having the ‘money talk.’

Conversations surrounding finances may not always be comfortable, but they are undeniably necessary. By proactively discussing and strategizing, you’re not only preparing for the immediate needs of your growing family but also laying the groundwork for long-term financial stability. Viewing financial planning as a mindset — a continuous journey rather than a one-time task—can help navigate the complexities of parenthood with greater ease and confidence.

Conversations surrounding finances may not always be comfortable, but they are undeniably necessary.

It’s during these initial stages of parenthood that every emotion — from elation to apprehension — is keenly felt. Having a well-thought-out plan (and a plan B, C and D) in place can provide a sense of security and empowerment amidst the whirlwind of emotions. So, let’s delve deeper into the basics of family planning and finances, exploring practical tips and expert insights to help you navigate this transformative time with confidence.

Here are ten essential tips to support your financial family planning:

1. Consider your financials and goals before baby arrives: Take stock of your financial situation and establish clear goals before conception or adoption. Understanding your current financial standing and envisioning your future needs will lay a solid foundation for effective planning.
2. How are you or your family getting pregnant? Whether through intercourse assisted reproductive technologies, surrogacy or adoption, consider the associated costs and plan accordingly. Factor in expenses such as fertility treatments, adoption fees, surrogacy expenses or legal fees.
3. Address existing debt: Start paying off any outstanding debt before your baby arrives. Reducing debt burdens will alleviate financial strain and provide greater flexibility once your family grows.
4. Build a contingency fund: Establish an emergency fund to cover unexpected expenses that may arise during pregnancy, childbirth, or early parenthood. Aim to save at least three to six months’ worth of living expenses.
5. Make a parental leave plan: Determine your parental leave options and plan accordingly. Understand your entitlements to paid leave, any top-up benefits offered by your employer, and how you intend to manage finances during this period. In BC, you can get up to 52 weeks of maternity leave, after that, another 17 weeks are available for parental leave, giving you a total of 78 weeks. Get in touch with your HR team, or review your employment contracts thoroughly. Self employed? Look into employment insurance and parental benefits.
6. Update your household budget: Adjust your household budget to accommodate new expenses associated with raising a child. Account for essentials such as diapers, baby gear, formula and healthcare or extended benefits costs.
7. Budget for big ticket baby items: Differentiate between items you need to purchase brand new and those you can acquire secondhand or receive as gifts. Prioritize essential items such as a crib, car seat, and stroller. And remember, buying gently used items is a great way to save money, just be sure to check any expiration dates and warranties, especially on things like car seats.
8. Care costs money: Some of you may be lucky enough to have a grandparent around, but know that your well-being and mental health requires lots of logistical and emotional support (and who doesn’t want some extra sleep and parenting confidence thanks to a doula?!). Anticipate care expenses for you and your baby, like that of a birth or postpartum doula. Think about future childcare needs, dog walkers, cleaners, or food delivery services. Explore ways to use your baby shower as a means of crowdfunding for these expenses.
9. Financially future-proof your child’s life: Consider long-term financial planning measures such as life insurance, wills, and education funds. Explore tax breaks and savings vehicles like Registered Education Savings Plans (RESPs) — a great way to save for your child’s education and to secure their  future.
10. Reexamine your health insurance: Review your health insurance coverage to ensure it adequately meets your family’s needs. Consider any additional coverage or adjustments required to accommodate prenatal care, childbirth, and pediatric services.

Differentiate between items you need to purchase brand new and those you can acquire secondhand or receive as gifts.

By incorporating these tips into your family planning journey, you’ll be better equipped to navigate the financial complexities of parenthood and lay the groundwork for a secure and prosperous future for your growing family. Want to know more? Connect with Vancity to explore solutions for your unique needs. 

This blog post provides general information only, and does not constitute financial, accounting, tax, legal or other professional advice. We encourage you to obtain personalized advice from qualified professionals regarding your particular circumstances. Please see our Terms of Use.