Baby on a budget: 12 easy ways to save
Photo: iStockphoto
Since giving birth to her son Myles, Mandi Naismith has started scrutinizing her spending. ?We used to order in dinner and I?d go to bingo on a whim,?says the Guelph, Ont., mother of one. ?Once I found out I was pregnant, I?d think twice about it.? Cutting back on entertainment expenses wasn?t the only thing Mandi and her partner, Gord Weaver, did to squirrel away money before Myles? arrival.
?We increased our savings, switched long-distance plans and lowered my RRSP payment,? recalls Mandi. Even with their cost-cutting efforts and regular deposits to a savings account, however, she admits that once the baby arrived, they weren?t prepared for all the expenses of parenthood. ?We?ve really had to cut out a lot of frivolous spending,? says Mandi. ?But it?s been worth every single sacrifice to spend time with Myles.? Like Mandi and Gord, many couples may be stunned at the expenses involved in raising a baby ? from buying baby gear, such as strollers, cribs and car seats, to the ongoing costs of clothing and diapers, explains Carol Crill Russell, vice-president of research at Invest in Kids, a Canadian non-profit organization focused on parenting and early childhood development. In addition to extra expenses, many couples must get by on less income after baby arrives. ?Seventy-five percent of couples are both employed before the first baby arrives,? says Russell. ?The government maternity benefits don?t cover a complete salary for most parents, so virtually ev...
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