1. Overspending on gearM
Low glam, to be sure, but cheap. A lot of parents drop big bucks outfitting the nursery with things they want, only to find out later how little they actually need, or how quickly their kid grows out of them.
2. Ignoring the drop in income
Parents face many new expenses, but even worse is feeling surprised when your income takes a hit. Maternity and paternity leaves rarely top up your salary to 100 percent, and your partner will have less availability to work overtime, so you’ll almost inevitably feel the cash-flow pinch.
3. Waiting to buy life insurance
Your insurance needs change dramatically the minute your child arrives. Though chances are slim that they’ll need it, buying a life-insurance policy is one of the most important things you can do to protect your family financially.
4. Passing on the RESP
Make it easy: If your budget allows, set up an automatic monthly transfer into an RESP or use the Universal Child Care benefit you receive from the government every month.
5. Under-spending on date night
The payoff can be hard to see when you’re bone tired and still have three loads of laundry to do before bed, but date night is an investment in your good health—it really is worth the money for a sitter. Whether you’re partnered or a single parent taking time for yourself or with a friend, you really need to refuel and be reminded that there is a world outside your home.
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