TORONTO, ONTARIO — (Marketwire) — 06/14/12 — The number of stay-at-home Dads has tripled in the past 30 years, marking a new era of parenthood as Father-s Day approaches.(i)
Research indicates that the rise in stay-at-home Dads can be attributed to the following factors:
According to a BMO study:
“Regardless of whether Dad or Mom stays at home, single income families face unique challenges that require financial adjustments,” said Tina Di Vito, Head of the BMO Retirement Institute. “Adjusting lifestyle and budgets can be intimidating, but making short- and long-term plans can certainly ease in the transition. Surviving comfortably on one income can be done if finances are considered a priority.”
BMO offers the following tips for single-income families:
Reduce expenses: Adjusting and often reducing your expenses can play a huge role in increasing your savings. By making a grocery and meal plan every month, eliminating restaurant visits and cutting down on cell phone/cable expenses, you can really cut down on costs.
Ease into one income: If you have decided to live on one income prior to the birth of a child, start preparing early by cutting back on expenses. This way, you can build some savings while you are still earning a salary.
Implement a budget: Start tracking everything you spend and create a detailed budget that will help you monitor your income and expenses. It may seem tedious at first, but it will give you a clear idea of how you are spending your money.
Put off purchasing luxury items: The more money you are able to save by avoiding unnecessary items, the easier it will be to live on one income. Be sure to weigh the pros and cons of tempting items before deciding to purchase them.
(i)Source: Statistics Canada
Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
Ronald Monet, Montreal
514-877-1873
Laurie Grant, Vancouver
604-665-7596