Budgeting for children: What to include

Budgeting for a new baby

•  Babysitting and/or daycare costs (if returning to work early)
  
•  Formula and bottles if bottle-feeding
  
• Diapers — a single upfront expense if using cloth (plus additional laundry); an ongoing expense if using disposables
  
•  Furniture, such as a crib, dresser, changing table and rocking chair
  
•  Redecorating for baby's new room
  
•  Clothing
  
•  Infant car seat
  
•  Baby-carrying devices, such as strollers, front carrier, sling, backpack
  
•  Miscellaneous items, including books, toys, bedding, mobiles, play mats, swings and bouncy seats
  
•  Family gathering to celebrate the birth or any religious ceremonies (i.e. baptism)
  
•  Initial RESP contribution

Budgeting for older children

•  Daycare costs, after school care, summer programs
  
•  Clothes, footwear and outerwear for each season
  
•  Books and toys
  
•  Registration fees, uniforms and equipment for classes and activities
  
•  Tuition fees for preschool, or private school if you make that choice
  
•  Annual birthday parties
  
•  Medical and dental costs (prescriptions, increased group benefits costs for dependents)
  
•  Haircuts
  
•  Annual RESP contributions

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