What Products To Stockpile For Maternity Leave

Deciding what products to stockpile for your maternity leave, and how much, is no easy task! It’s no secret that when you transition to maternity leave you will take a big hit to your regular monthly income. What can make it even harder is that the adorable bundle of joy you just brought into the world additionally has a not so cute impact on your bank account! So, how do you cope? Plan ahead! They say hindsight is 20/20, and I fully believe it! This list is based on my own personal experience of what I wish I had stockpiled for our munchkin’s arrival, and what I will be stockpiling when munchkin #2 comes along! The best items to stockpile are the ones that will help counteract the new expenses being introduced to your monthly budget while you still have a regular income, and simply to help you still live life with as little adjustment as possible! Products To Stockpile For Maternity Leave Stockpiling Diapers–If you are planning on using disposable diapers, try to have at least your first 3 months already on hand by the time baby arrives. If you plan far enough ahead, you are given the luxury of waiting for clearance sales and coupons to combine with them […]

Surviving A Lower Income On Maternity Leave In Canada

Most parents-to-be struggle with the thought of living on a lowered income or some put off having a baby altogether for fear they can’t afford a child. I survived two pregnancies and two maternity leaves and made it through the after baby financial changes to our net income. I also have to mention that my marriage survived as well. You are laughing?? Just imagine, in a matter of seconds, you have more expenses and a lower-income. I am not going to lie, this is probably going to be the hardest thing you have done in your life. Lack of sleep, no time to eat or take a shower, not to mention the financial worries but I am proud to add, an enormous sense of accomplishment. I like to think that the worst is now behind me. There are so many things I wish I knew before I had kids but here I am now and I will share with you some of my precious findings. Here are some tips on how to enjoy parenthood instead of worrying about your finances and your sanity. How much money will you get on Maternity Leave? While on maternity leave and parental leave, the basic […]

Making Money on Parental Leave In Canada

  Can I make money while on Parental and Maternity leave? This is a frequent question my Canadian Budget Binder fans want to know. So, I went to Mom Expert Sarah Deveau Author of Money Smart Mom to share the inside scoop for our fellow Canadians wanting to learn about making some extra money while they are off work caring for their new bundle(s) of joy. Here’s what Sarah has to say…. If you’ve just had a baby and are living on the reduced income of employment insurance maternity or parental leave payments, you might be wondering how to bring in extra income. If you earn income while on the maternity leave portion of the benefit (the first 15 weeks), your earnings will be deducted dollar for dollar from your benefits. If you work while you’re receiving the parental leave benefit, after the first 15 weeks, in the past you’ve been allowed to earn $75 per week or 40% of your weekly benefits, whichever is higher. Any income earned above that amount will be deducted dollar for dollar from your benefits. However, due to the new Working While on Claim (WWC) pilot project, once you have served the waiting period, if your earnings are equal to or less than 90% […]

Book Review-Money Smart Mom-Financially Fit Parenting

A Book Review of Financially Fit Parenting written by Author Sarah Deveau As you may already know Mrs. CBB and I have no children as of yet. We are hoping to have a child one day soon and this book was an excellent guide to answer some of our questions. When we hear about children and money we automatically believe it will cost a fortune to raise a child. That may be the case but if you plan and budget your money it may not be as bad as it sounds. Sarah doesn’t miss a beat in this book offering tips on everything from making the decision to have a child all the way to budgeting and saving for the future.  All soon-to-be or wanna be parents like us should read this book and make notes and lots of them. You will learn everything you need to know about parenting tucked into this well planned out guide. One of the most important topics is preparing for one income and adjusting the budget to show this change. I often have mothers asking me how they can budget while on maternity leave  and I often tell them to “live it” before the baby […]

Maternity and Parental Leave Part 2: Budgeting

Maternity and Parental Leave Part 2: Budgeting Ideally, you’ve gone on maternity leave only after working for at least the minimum 600 hours (about 15 weeks full-time) in the last 52 weeks or since your last Employment Insurance claim. This will ensure you receive the current maximum payment at $447 per week. For many families, this means mom (and maybe dad later on) will be bringing in half of their previous income for a year unless they have a paid maternity leave or top up with their employer. In many cases, maternity leave benefits can be far less than half. Here are some ideas on how to budget for this change in your family’s finances. Plan ahead. If you’re pregnant, or just planning to get pregnant, now’s the time to go on a money diet and begin budgeting for a baby. Trim your budget and do your best to live off your projected maternity leave income. Save that unused income to provide you with a cushion during your mat leave, to cover some of the larger baby items, or to pay down debt. Don’t assume it will be easier to save more money when you’re not working, because you won’t be tempted […]

Maternity and Parental Leave Part 1 – The Basics

Even if you have the easiest baby in the world, maternity or parental leave won’t be the blissful paradise you imagined if you’re constantly stressed about your reduction in income. In this two-part series I’ll outline how the benefits work, and how you can make them work for your budget. Maternity and Parental Leave Benefits in Canada Unless you work for a company that offers an income top up programs or paid maternity leave most parents on leave will only receive basic maternity benefits, which fall under Canada’s Employment Insurance program. While many people refer to the year a mother takes off after the birth or adoption of a child a maternity leave, it’s actually a combination of two leaves. The first leave is called maternity leave, and is only available to birth mothers and surrogate mothers for up to 15 weeks. After the 15 weeks, the leave is now called parental leave. This cheque can be collected by either the biological or adoptive parents for up to a maximum of 35 weeks.These benefits can be claimed by one parent or shared between the two partners, but cannot exceed a combined maximum of 35 weeks.   Parental leave benefits must be […]