![]() Mothers can receive up to 50 weeks of government benefits if their income has been reduced by at least 40% after having a baby. What I got from the government didn’t even pay my rent or bills,” she said. “Really, it was okay until my top up ended. She also returned to work four-and-a-half months earlier than planned. Nurse and single-mother Maria Thompson intended to fund a full mat leave with savings but came up short.ĭespite saving almost $5,000 during her pregnancy, Thompson reluctantly had to relocate 500 kilometres and move back in with her parents about seven months into her mat leave. Forty-six per cent of those surveyed said they would be comfortable taking on debt to finance their new family. The poll found 72% of respondents expect to use savings to start a family and plan for a year-long parental leave, compared to 28% who would have to rely solely on other sources like the generosity of family or friends, loans or credit cards. Most Canadians hope for a similar experience, according to a recent TD survey. Other than fewer nights out on the town, the Galvins’ standard of living hasn’t changed dramatically. “We don’t go out anymore,” Janet said flippantly. They put less into their emergency saving fund and renegotiated their cable and phone packages. To make up the shortfall, the Galvins reallocated money from other areas. Here’s their average monthly cost breakdown: Initially, the Galvins had budgeted $150 a month for baby-related expenses but quickly realized they were spending three times that on their bundle of joy. “I didn’t factor in the cost of formula.” “I thought I was going to be able to breastfeed longer,” she said. Now into her seventh month of mat leave, Janet says the finances are still on track but admits it’s more expensive than she expected. ![]() By the time the baby arrived, the couple had saved $8,500. The Galvins began putting away about $200 a month when they made the decision to have a baby, then doubled it when they finally conceived. Janet is the higher-income earner in the family, but she didn’t want that to stop her from taking a full year of maternity leave. As a commercial banker, creating a thorough budget and sticking to it only made sense. We both put money aside every month to save up to for the time I would be off,” Janet Galvin said. “We sat down and figured out our costs over the year, taking into account my loss of income, our regular expenses and additional baby costs. birth rate fell 4% in 2020, the largest single-year decline in nearly 50 years, according to a Centers for Disease Control and Prevention report.Īnd as the Associated Press reported this week, members of Millennials and Generation Z are going public with their reluctance to have children, citing student debt, financial pressures and even Climate Change as factors.When the Galvins started planning for their first child, they also started saving. home value fell by $366 in July, and is now $357,107, as measured by the ZillowĪll of this is taking its toll on would-be parents. That adds to the monthly mortgage payment. Many families decide to move to a bigger home, in anticipation or after the birth of their child. That doesn’t take into account the cost of a bigger house. Other big expenses include the cost of feeding a baby (formula, solid foods, et cetera), as well as baby gear, such as strollers, car seats, and such. And these fears led 25% of parents surveyed to say they’re having fewer children. “Recession fears and concerns about financial stability also worried 52% of parents.
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