In the months leading up to when we had our baby in October, we got a couple books on how to save money with a baby on the way and which are the best products to buy. While these books were helpful, they were basically shopping guides, which is only a small piece of the puzzle when you’re about to have your first child. Thankfully there was also lots of great advice found on blogs with more tips on having a baby. However, there wasn’t a simple all inclusive book for Canadians. Sarah Deveau noticed this too, so she wrote Money Smart Mom: Financially Fit Parenting.
Wondering why I’m reading a book called Money Smart Mom? Well, other than maybe Chapter 2 which discusses maternity clothes and nesting, this book also applies to fathers-to-be who have the same concerns as the moms that want to know about topics like how much a child costs and the government programs available to you.
Chapter 5 is one that motivates me to take care of some of the items that I’ve been neglecting, like setting up our child’s RESP and getting our wills written up. Later chapters in the book provide info on things I haven’t even looked into yet, such as dealing with birthdays, getting pets and even going to school.
I highly recommend this book for any Canadians thinking of having their first child and for those with a baby already on the way or recently born. Money Smart Mom covers practically everything you should know but provides it in an easy to read style and packs it into only about 200 pages!
Book Giveaway
To enter to win Money Smart Mom: Financially Fit Parenting, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on June 27th.
After leaving a comment so that I know you’re interested in the book, you can get bonus entries by doing either (or both) of the following:
- Subscribe to the Canadian Finance Blog email, where you’ll get each article, 5 days a week with no spam emails. If you’re already subscribed and leave a comment, you will automatically get this bonus entry!
- Follow Canadian Finance Blog on Twitter and re-tweet any of our tweets during the four days!
This contest is for one copy of Money Smart Mom: Financially Fit Parenting and is open to anyone in Canada. The deadline for entries is Sunday, June 27th at 11:59PM MST and the winners will be contacted by email on Monday. There will be one winner, chosen with a random number generator from Random.org. If the winner does not reply within one week, a new name will be drawn. Good luck!
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Interesting sounding book
This is a smart book. I would have loved to have a book like this before we had kids. It’s easier than figuring it out along the way.
Sounds like useful reading. There are so many things that need to be done to prepare for and raise a child that financial aspects are not always looked at with enough detail.
Setting up a RESP is not an urgent matter when the child is first born but should be done within the first 3 years. The absolute musts are updating your will, this is your chance to decide what happens to your child if something happens to you. Do not let a court decide for you. The second is an insurance needs analysis to make sure your child is properly taken care of if something happens to you. Try to make sure you get advice about how much insurance you need from a independant source, in other words not someone who gets paid on commission to sell you insurance. These two things are too important not to take care of right now.
I would go one step further and consider teaching your children about money when they enter elementary school. A good way to teach them is through children’s stories with financial lessons. That is how my books are written, and children will “get” the concepts right away.
Thanks for sharing.
Prakash Dheeriya, PhD
Father, Author & Professor of Finance
Finance for Kidz series
finance4kidz dot com
Hmmm, sounds like a great read! We have an 18 mo old daughter, and I’m always interested in reading about personal finance topics.
Sounds like a useful read.
If only this book had been around back when I had my daughter… Then again, we were not in the right frame of mind to actually take any money advice anyway.
However, I have 3 friends who are expecting right now and if I won this book, the hardest part would be deciding on who to give it to! lol
Our kids are 3 and 5, but it’s never too late to be money smart, right? Thanks for the great contest!
I would LOVE to win a copy of this book! I’ve read at least one American version of this type of book, and I’d love to hear how a Canadian perspective differs.
Sounds like a great book! Our baby was born in October, too, so any advice would be appreciated – especially from a Canadian perspective.
as a soon to be first time parent this book sounds like it would have very useful information. you hear all these horror stories about what kids will cost you from birth to 18 and sometimes longer!
Sounds like a great book! We were just talking last night about whether we should set up an RESP/savings account/etc for our son.
Sounds like a great book! Wish I had read it before I had my baby. Might be catch up time.
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Finally, a book on Canadian finances for having a baby! I can’t wait to read it!
Sounds like a great book — one parents on a tight budget especially should read. But one reality to keep in mind is that the costs associated with rearing children are related to the degree to which they are healthy and willing to work for the things they want. So saving money becomes a matter of proper training.
Then there’s another factor often overlooked. Children who have been abused may become wild in their teens, may go on drugs, and may need rehabilitation or therapy. So today’s penny smart parents need to know the essentials of child protection.
The cousins come to sleep overnight at your home. Your daughter sleeps in the basement but there’s also an extra bedroom down there. How much are you willing to trust your own family — people you have known or believe you have known all your life? The wrong answer to that question could end up costing you a lot down the road. The signs of abuse remain hidden for years — then surface in the form of truancy, addictions, promiscuity, and other problems — some of them very costly both emotionally and financially.
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