Advice for New Mothers

The new mothers, gathered in a church basement, were eager to learn about RESPs, insurance, and “what happens to my children if my partner and I both die”. As I addressed them, I thought of a time long ago when I was a new mother, meeting others at the Toronto Public Health Department gatherings. We discussed everything about life with a newborn – sleeping, eating, crying, exhaustion, etc. – everything except financial matters. I wish I had known back then what I know now.

RESPs were of paramount interest to these new mothers. They are focused on saving for their children’s education. One commented that even with an RESP it would probably not be enough to fund a university degree. I reassured these mothers and suggested they do the best they could. A lot of us did not or will not have all the money needed for our children’s post-secondary education. With daycare and housing costs, it is often hard to find enough money to save. Options are available if more funds are needed. Your children could attend school locally and live at home. They could enroll in a co-op program and work between semesters gaining not only valuable experience but income, too. They could take out a student loan and they could even, perish the thought, work and contribute to their own education. RESPs may be a priority, but there are other important parts to a financial plan.

Having enough life insurance in place should something happen to them or their partner is crucial. No one wants to think these things will happen, but for a very modest cost, you can protect your family against life’s uncertainties. And while we were on the topic of life’s uncertainties, we also discussed the importance of critical illness insurance which protects you, not if you die, but if you live. We all know someone who has had cancer, and a critical illness insurance benefit would help with your recovery should you ever suffer a serious illness.

Wills and powers of attorney are also essential. Without one, who will be your executor? Who will be the guardian of your children? Do you want the courts to make the decision for you? Having a child quickly takes you into the grown-up world with much to consider besides what stroller to buy. It was delightful speaking with these young mothers who were intelligent, inquisitive, and caring. Armed with knowledge they will protect and nurture their children.

How do you feel about your future? When was the last time you had an insurance review? Is your plan up to date? Contact me for a complementary consultation at 647-897-6471 or

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