Since this thread is about finances but we're talking about kids, here's some of what I learned financially with my child in the early years. YMMV:
- Start that RESP ASAP. Put in the max if you can. I look now at what it has accrued and it's going to be a lifesaver for my wallet.
- Buy as little baby clothes as possible. You'll either get them as gifts or hand me downs. This kid will exit bodily fluids through all holes. Use the hand me downs and toss them when they get too soiled.
- If you can, wait for diapers to go on sale then stock up.
- Did you really need that $1000 stroller? The answer is always no.
- Never shop at a place like West Coast Kids with your significant other. Just... never shop there at all if you like your money.
- The expensive toys that says they will make your kid smarter is all mostly BS. Just go outside with them.
- New car, couches, flooring, etc...? Don't bother until the kid is older. It's gonna get destroyed.
- When/if daycare hits and you're feeling that hit, always remember, yes this sucks but it's a temporary expense.
- Most importantly, Use some sort of a cashflow spreadsheet to see where your money is going now, where it will be going in the next couple years, how much income you will be bringing in (you'll likely be making less with mat leave) and where/how you might need to bridge the gap.