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Preparing for your baby’s arrival can be one of the most exciting times in your life. However, it’s important to consider the many costs that inevitably come with having a baby. Here are five money matters to keep in mind when anticipating the birth of your little bundle of joy.
Create a monthly budget with “Baby Savings”
It’s been said that those who fail to plan, plan to fail. By developing a pre-baby budget, you’re ensuring that you set yourself up for success. Lay out all monthly expenses such as rent, transportation, cell phone bills, and debt payments, along with other expenses like groceries, clothes, and so on. And, now that your family is growing, you should also add a new component to your monthly budget – Baby Savings. By saving as little as $25 a week, you could save $100 a month. That’s $800 or more by the time your baby is born! You could use that money towards the purchase of a stroller, a crib, or anything else your baby might need. A little goes a long way!
Take advantage of the Canada child tax benefit
Did you know that the Canadian government provides a non-taxable monthly payment to help with the cost of raising your child? The Canada child tax benefit (CCTB) provides financial assistance to the primary caregiver of a child. By filling out the Automated Benefits Application on Canada Revenue Agency’s (CRA) website, you can be eligible to receive a monthly payment soon after your baby is born.
The amount of money you may be eligible to receive is based on two factors:
1. How many children you have and how old they are
2. How much money you make (net income)
Every year, you may get up to $6,400 for each child under the age of six, and $5,400 for each child aged six through seventeen. Families with less than $30,000 net income get the maximum benefit amount, as listed above, while families making more than $30,000 receive reduced payment amounts within those limits. To see how much you may be eligible for, go to CRA’s online child and family benefits calculator.
Research inexpensive options for feeding baby
When it comes to feeding your baby, you should be aware of the associated costs before your baby is born. For mothers who decide to feed their babies with formula, the costs are immediate and ongoing. The average Canadian family will spend nearly $100 a month on formula during baby’s first year. With each tub of brand-name formula averaging between $25 and $50, these costs can add up quickly. The good news is that as your baby is weaned off formula and transitions to solid food, the formula costs go down.
If you breastfeed, the immediate costs are not as steep, but other costs eventually do come into play. For example, devices like breast pumps can add to the cost of breastfeeding. Low-cost pumps start at under $20, but can easily climb to the $250 mark when you start adding in features and benefits.
Regardless of whether you are feeding your baby with formula or using a breast pump, you will need to take the cost of feeding bottles into account. Glass and BPA-free thermoplastic bottles average from $15 to $30 or more, depending on the brand. Associated costs include bottle nipples, which must be purchased in addition to the bottles and need to be replaced regularly. Be sure to include those estimates in your budget as you plan for baby-related expenses.
Hunt for special offers on diapers and baby products
As if having to change diapers wasn’t bad enough, having to buy them at such a high cost makes it even worse. The average Canadian baby uses a staggering 6,000 to 8,000 diapers in their first three years, and with most brand-name diapers costing 15¢ to 25¢ each—that’s a whole lotta cash going down the toilet, so to speak! Alternative options include purchasing less expensive store-brand diapers, buying in bulk during promotional sales, and using as many coupons as possible. Many families are opting for another, more environmentally friendly, cost-effective solution of reusable cloth diapers. Even with the added laundering costs, you can actually save hundreds of dollars a year compared to purchasing disposable diapers.
Canadian families can also benefit from programs such as Baby Box Canada, a non-profit organization that helps families by providing them with many of the essential products they need to care for their newborns. By simply registering online, expecting parents can receive their very own Baby Box filled to the brim with free baby products from leading brands, such as Fisher-Price, Burt’s Bees, and Philips Avent.
Use social media to buy used baby items
Special buy, sell, and trade Facebook groups in your local community are a great resource that new parents should take advantage of. By joining buy-sell groups with other parents in your community, you can find specific items that you might need immediately, or as your baby grows. Buy, sell, and trade Facebook groups can be found in communities all across Canada, including Cold Lake, Alberta; Cape Breton, Nova Scotia; and Brampton, Ontario. These groups open up your network beyond your own Facebook contacts to other parents in your area, allowing you to buy things at a fraction of the cost of what you would pay at a store.
Despite the many new and exciting challenges that will inevitably come with bringing baby home from the hospital, don’t let the associated costs of a newborn overwhelm or discourage you. Planning and budgeting ahead allows you to concentrate more on your new bundle of joy and less on what the next expense is going to be.
We know the fine print can be painful, but we believe it's important you have all the facts!
easyfinancial offers a variety of financial services including personal loans, and mortgages. easyfinancial is a division of goeasy Ltd., the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians. goeasy Ltd. is listed on the TSE under the symbol 'GSY'.
* Approval measured against all lenders providing unsecured credit and lease-to-own products, excluding payday lenders, and based on a random sample of applications before verification.
** Based on the maximum total cost of borrowing under applicable provincial payday loan legislation.
*** Loans amortization between 9-60 months
APR between 29.99% and 46.96%
Example: $1000 borrowed for 12 months at 29.99%: Monthly payment: $97.51; Total repayment with interest: $1170.06
CREDIT SCORE IMPACT
While having a loan and honouring its obligations can help build credit, too many loans may be seen by potential creditors as an increased risk, and failure to meet repayment obligations will result in a negative report to the credit bureaus, which would reduce your credit score. Please borrow responsibly.
Loans from easyfinancial do not automatically renew. Customers have the option to request an increase to their loan after paying down a percentage of their current loan amount and maintaining good payment history. Such a request would be subject to the company's standard underwriting rules.
easyfinancial offers personal loans from $500 to $10,000 with terms from 9 to 48 months. The APR is 46.96%, and there are no additional fees for the loan. easyfinancial does not charge a late fee, but payments returned NSF (non-sufficient funds) will be assessed a $50 fee in addition to fees charged by the customer's financial institution.
easyfinancial contacts customers in arrears as soon as possible through various means including, but not limited to telephone, email, postal mail and SMS. easyfinancial may work with third parties to assist in collections activities.
1 Loan Protection Plan is underwritten by American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) under Group Master Policy Number EF012017 and EFL012017.
ABIC and ABLAC carry on business in Canada under the trade name of Assurant (R).
(R) Assurant is a registered trademark of Assurant, Inc.
The complete terms, eligibility, benefits, limitations an exclusions are contained in the Certificate of Insurance
Purposes for which goeasy Handles Personal Information
goeasy collects and uses personal information for purposes limited to those which are related to its businesses, which include providing household furnishings, appliances, and home electronic products to its customers under lease agreements, staging services, mortgage brokerage services and financial services. We collect personal information primarily from you, for instance through applications and supporting documentation you provide. We may also collect personal information about you through your ongoing interactions with us, from references, employers and other financial institutions you have identified in your application as well as credit bureaus and other third party sources. For example, we may collect personal information from credit bureaus for the purpose of locating you to collect outstanding debts. In connection with loan agreements, we may also collect personal information from credit bureaus in order to verify your current and ongoing creditworthiness and other information you may provide to us.
We may collect and use personal information for purposes such as, but not limited to, the following:
Personal Information goeasy Collects
goeasy limits the amount and type of personal information collected to that which is necessary for our identified purposes, and we collect personal information by fair and lawful means.
Personal information that we collect includes:
Transfers and Disclosures of Personal Information
goeasy may disclose personal information in a number of circumstances, including:
In addition to the above, personal information may be shared between our affiliates or subsidiaries (including those located in the United States) for internal audit, management, billing or administrative purposes including defending and bringing legal actions.
In the course of fulfilling the purposes described above, goeasy may transfer your personal information to service providers, including affiliates or other third party organizations or individuals retained by goeasy to perform functions on its behalf, such as marketing, data processing, customer service, office, security, collections, insurance, financial and taxation services. When personal information is transferred to service providers, we use contractual or other means to ensure that a comparable level of protection is provided. Some of our service providers may be located outside Canada and will be subject to applicable legal requirements in that country including lawful requirements to disclose personal information to government authorities in certain circumstances.
If you are a resident of the Province of Quebec, you understand that we may transfer your personal information to a third party based outside of the Province of Quebec, or store it outside of the Province of Quebec, the handling (including the disclosure to third parties) of that personal information will be subject to the laws and regulations applicable in that jurisdiction and you consent thereto.
goeasy may also use and disclose personal information in connection with the proposed or actual financing, securitization, insuring, sale, assignment or other disposal of all or part of our business or assets (including your loan or lease and any agreement to which it relates), for the purposes of evaluating and/or performing the proposed transaction. Assignees or successors of our business or assets may use and disclose your personal information for similar purposes as those described in this Policy.
goeasy may disclose your personal information as necessary to meet legal, regulatory, insurance, audit, and security requirements, and as otherwise with your consent or as permitted or required by law.
goeasy uses reasonable safeguards and other security standards to protect all personal information in its custody and control against loss or theft, as well as unauthorized access, disclosure, copying, use or modification, regardless of the format in which the information is held. Safeguards will vary depending on the sensitivity, format, location, and storage of the personal information. Only authorized employees, agents, partners and third parties who require access to personal information to fulfill their job requirements will have access to personal information.
Access and Accuracy
goeasy may establish and maintain a file containing an individual's personal information for the purposes described above, which will be accessible at our offices. Individuals have the right to request access to or correction of their personal information that is held by goeasy. Requests must be made in writing, addressed to goeasy's Privacy Officer as per the contact information set out at the end of this Policy. We will respond to written requests within a reasonable time. Copies of records containing personal information may be subject to a fee. If this is the case, goeasy will inform the individual of the amount of the fee in advance. We will use our best efforts to ensure that personal information is as accurate, complete and up-to-date as necessary for the identified purposes. If an individual successfully demonstrates the inaccuracy or incompleteness of personal information, we will amend the information as required. If we refuse access to personal information or disagree with an assertion that information held by us is incorrect, we will provide a written explanation for such refusal and a description of our complaints procedure should an individual decide to challenge such written explanation. An individual's right to access or correct personal information is subject to applicable legal restrictions. To prevent fraudulent access to the personal information stored by goeasy, we may take reasonable steps to verify an individual's identity before granting access or making corrections.
goeasy's Websites and E-Mail Communication
goeasy does not guarantee the confidentiality of any communications made by you via e-mail or otherwise through our websites. If you wish to provide information of a confidential or sensitive nature to easyhome, please contact us directly by telephone at 1-866-823-3279 or easyfinancial at 1-888-502-3279 to arrange for delivery/transmission of such information by secure means.
In compliance with Google's advertising policies, we use Google Adwords Search Engine Marketing (Pay Per Click) and Display Advertising (Remarketing and Google Display Network). We use Google AdWords Remarketing in compliance with the Google AdWords Interest-Based Advertising Policy, which means that you may see our advertisements on Google and other third party websites on the internet after visiting our website.
We use Google Analytics for Display Advertising, including Remarketing, Google Analytics Demographics and Interest Reporting, Google Display Network Impression Reporting and the DoubleClick Campaign Manager integration. You have the option to opt out of Google Analytics for Display Advertising and customize Google Display Network ads. For all the currently available opt-outs, please visit https://tools.google.com/dlpage/gaoptout
We use the data collected through Google Analytics Demographics and Interest Reporting to better understand our website visitors in terms of demographics and interests, to improve our website content in order to cater to our audience, and to customize advertisements based on our audience's interests and demographics.
In certain circumstances, as permitted or required by law, we may collect, use or disclose personal information without the knowledge or consent of the individual. These circumstances include but are not limited to: personal information that is publicly available as defined by regulation; where collection is clearly in the interests of the individual and consent cannot be obtained in a timely way; where disclosure is made for the purposes of collecting a debt owed to us; or to comply with a subpoena, warrant or court order.
Inquiries or Further Information
Privacy Officer, goeasy Ltd.,
33 City Centre Drive, Suite 510
Mississauga, Ontario, L5B 2N5, Canada
If you are not satisfied with our response to a privacy-related matter, you may contact the Office of the Privacy Commissioner of Canada at 1-800-282-1376 or at www.privcom.gc.ca. or in Alberta or British Columbia, your provincial privacy regulator, as applicable.