Having a baby? What’s that going to do to your budget?

WORDS LUKE TALBOT

HAVING A BABY?

What’s that going to do to your budget?

Babies are very considerate: they give you nine months to plan their arrival.

But even with nine months to plan, there are so many things to take into consideration that it can all seem a bit overwhelming. Apart from the obvious – the fully equipped and decorated nursery – you need to think about your budget, maternity/ paternity leave entitlements and determining if any government entitlements are available to you.

UNDERSTAND YOUR SPENDING

What is your current pre-pregnancy spending? Everyone’s different, so that’s an all-important starting point. Once you understand how much of your disposable household income you spend, you can begin making adjustments to account for pregnancy expenses.

Fortunately, there are a huge number of apps and websites to help track your spending. A specialist financial advisor (like CoastFin, right here on the Coast) can undertake a full review and budgeting position of your household living expenses.

This exercise will also be helpful in allowing you to forecast your post-baby expenses which, in turn, will reduce the stress of unexpected costs once your baby is born. You’ll have your hands full with this little bundle of joy, so plan to enjoy that time (and to grab some sleep when you can).

UNDERSTAND YOUR ENTITLEMENTS

Who is eligible for parental leave? Understanding your eligibility for government assistance is also very beneficial to give you some peace of mind when deciding who is taking time off and for how long.

The Federal Government offers eligible parents up to 18 weeks Parental Leave Pay. For more information, you can access a Paid Parental Leave Comparison Estimator on the Centrelink website on servicesaustralia.gov.au

If and when you return to work, the Centrelink website also has information about government assistance with the cost of childcare, and your eligibility for that assistance.

Starting a family or expanding your family will be a lifechanging experience. Planning ahead with the aid of a financial adviser in conjunction with your mortgage broker can give you the peace of mind that you are well-informed and financially prepared to welcome the newest member of your family.

And congratulations on your impending bundle of joy!

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