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Starting a family

Having children is a life-changing experience. Don’t overlook the impact on your finances – including your household budget, future plans and retirement savings.

When your family grows

Review your family budget

Your BCV advisor can help you update your household budget, taking into account the many new expenses that will arise. Your total income may also decrease if one or both parents reduce their working hours.

New plans and projects

When your family grows, you may want to move into a more spacious home, buy a bigger car or work less to spend more time with your children. Some simple planning can help minimize the impact on your finances. Speak to your BCV advisor, who will suggest ways you can reach those goals.

Peace of mind for your children's future

Can you afford to have children? If you or your partner should die or become disabled, will your children be financially secure? Our advisors can answer all your questions about financial planning, retirement and inheritance. They can also help you start thinking about your children's financial future.

Solutions, whatever your needs

Reviewing your family budget

Your household budget will be affected by the number of children you have, their age and what you as their parents do for a living. Expenses increase by an estimated 15% with one child, 25% with two children and 35% with three children. In addition, having children sometimes leads to a decrease in household income if one or both parents decide to work less. A lower salary also means reduced pension-fund contributions and retirement benefits.

Buying a bigger car

With a growing family, you may need to buy a bigger car to shuttle them around. The cost can be high – but you can lessen the impact with some advance planning.

Buying a new home

You may be looking to buy a larger home. That will require a downpayment of at least 20% of the purchase price. And, as a rule of thumb, your annual home-related expenses (such as mortgage repayments, interest and maintenance expenses) shouldn't be more than a third of your gross household income.

Mortgage loan

Giving to your children

Family and friends sometimes decide that the best gift for a child is future financial security. With the BCV Custodial Savings Account, you can set some money aside for a child to use when he or she reaches adulthood.

Custodial Savings Account

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