Home / Monthly Tips and Newsletter / New Baby and Emergency Funds

New Baby and Emergency Funds

New Baby and Emergency Funds

3 ways to prepare for a new baby arrival

It is always exciting to have a new member of the family.

To secure the child’s education, start and open an RESP account early. There are various grant programs from governments to help parents increase the power of financial contributions. Ask us about additional special programs that can add up to 15% to your plan.

Buy life insurance for you and your spouse. In a situation where something might happen to you or your spouse, your child’s financial needs need to be replaced. If you already have life insurance coverage, reevaluate your life insurance at the birth of your child. You may need to increase it, and we can help provide a no-cost review.

Protect your family by having adequate critical illness and disability insurance in place to replace lost income.

Three reasons why emergency funds are important

An emergency can overwhelm your current financial strategy. Many important events in life sometimes come unannounced. Sudden sickness, an accident, life loss, pet care, etc. need attention and finances.

Activities such as kids’ schooling, kids’ sports, career change, job loss, and sudden property overheads may need financial resources over and above what you planned. Moving, vehicle breakdown, residential building issues, illnesses, death, and relationship changes are all factors that can impact you unexpectedly.

An emergency fund and keeping an entire emergency list for reference can help a long way to help build your financial plan. Contact us to help provide peace of mind and lower the anxiety of the “what ifs.”

We are here to help give us a call or contact us to discuss your plan with the arrival of a new baby in your house and hos to plan emergency fund management.