Starting your family. What to prepare financially?

Updated: Mar 3, 2021

Starting a family is a big decision in anyone’s life. Your life will transform once you have your own family with a new baby.

Asking around for the baby’s nursery, cot and food recommendation from friends, colleague and estimating the cost of raising a baby might not be enough.

Here are some steps that you can consider taking

  1. Before deciding to have a baby, do some research on Private Health Insurance. It is not compulsory to have Private Health Insurance when having a baby. If you buy an insurance, make sure you buy it 1 year before the estimated due date. For example, if you think you will try to get pregnant in 6 months from now, buy your health insurance in 2 months from now to ensure the waiting period of pregnancy cover is 12 months. Speak to your Health Insurance Provider for details. (this information is not intended to provide a general advice or personal advice)

  2. If you are working, check with Centrelink if you are entitled to the Parental Leave Payment. Remember to prepare the paperwork for lodgement.

  3. Prepare nursery and necessary stuff for baby. The budget will vary between 500 - 2000. Consider to get some preloved stuff from your relatives or friends, or even in Gum Tree. You will save an enormous amount of money by doing this.

  4. Estimate the monthly cost when the baby arrives. Include the costs of baby’s formula (if baby is not fully breastfed), bottles, diapers and clothes in your calculation.

  5. If you need to return to work several months after birth, register the childcare service as soon as possible, even before the due date. This helps to secure the place for the baby when you return to work.

  6. Childcare expenses can be a burden for many parents, make sure you are comfortable paying extra sizeable amount of money every month.

It is better to estimate the cost of having a baby and prepare for some time, so after the birth you will live comfortably and enjoy the beautiful motherhood.



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