Starting a family
Are you prepared financially for your new arrival?
When you’re having a baby it’s normal to focus on the practical aspects of preparing for the arrival of a newborn, such as deciding where to give birth, choosing names and buying the essentials. In fact, there are so many practical things to consider that people often overlook the financial considerations.
From the experts
The average cost of raising a child between the ages of 0-4 is $7,500. This equates to an extra $144 per week to look after your baby.
What you need to know
By taking the time to consider your finances ahead of time, you’ll be able to avoid financial pressures and really enjoy the special time with your new family member. Now is the time to consider:
- Budgeting for the costs of having a child such as well as the possibility of living off just one income
- How you will afford to buy the things your baby will need such as a cot, car seat and clothes and nappies
- Whether you will be eligible for financial assistance from the government through schemes such as the baby bonus, paid parental leave, family tax benefit, child care benefit and child care rebate
- Try to save enough before-hand to cover pregnancy costs and living expenses
- Before buying baby items, work out which are essentials and which are nice to haves
A Financial adviser can help you:
- Put together a budget and savings plan
- Understand the benefits you are eligible for