Long-term financial planning essential for new parents: expert

A personal finance expert says that new parents shouldn’t just plan for the short-term financial impact of having a child, but should also adjust their financial plans over the long term.

Pat Giles, the vice president of saving and investing journey at TD Bank, said in an interview with BNN Bloomberg Monday that many parents are well aware of the shorter-term financial impact having a child will have. However, he also stressed the importance of longer-term planning. 

“What's important is to acknowledge that there will be competing priorities on your money as a new parent,” he said. 

“So that's why it's such a great time as a new mom and dad, to reassess those financial goals and get a personalized financial plan, not only giving you the confidence for those short-term expenses but the longer-term investments like saving for a child's education.”