GENWORTH CANADA FALL 2O15 9 You might be prepared for the cost of a new baby but then you find out youre having twins. Or perhaps unexpected med- ical bills come with that pregnancy or new addition to the family. Childcare is also a consideration for some people childcare can eat up a significant chunk of their take- home pay. The cost of groceries should also be considered. You might not be spending much on baby food right now but when your baby becomes a teenager they could proverbially eat you out of house and home. Some first-time homeowners choose to buy a home in the suburbs where theyll get more bang for their buck with more square footage and a larger yard. But that could mean a lengthy commute into work which in turn might require a new vehicle or other transit costs. Owning a home means additional expenses on top of your mortgage from property taxes to hydro and insurance. If you live in a condo youll have to pay monthly condo fees for maintenance of the building. These fees can increase over time or in some cases vary from month to month. There are also repairs and maintenance. The unexpected cost of having to repair or replace a major appliance can set you back a few thousand dollars but smaller repairs such as replacing your AC motor or garage door opener can add up over the course of a year. Also consider the cost of lawn maintenance and cosmetic upgrades. Even the costs of owning a pet pet food vet bills kennels if you go on vacation can start to add up quickly. If your pet requires medical care you could be thousands of dollars out of pocket. A financial planner can help you come up with a plan that takes the unexpected into account so even if life takes you by surprise youre ready for it.