If you’re having a baby, it’s important to be financially prepared. Here are some tips to help you get on your way.

1. Make a budget

It can be surprising just how much you need to spend before your baby even arrives. There are services and classes to book and pay for, as well as obstetrician costs to consider. You'll also need to make the choice between giving birth in a public or private hospital. This means you'll need to check your health insurance at least 12 months before giving birth, to ensure you're covered. All of these extra costs add up months before your newborn arrives.

2. Manage your debt

During this exciting time managing debt and being financially secure is incredibly important. Especially as you'll likely go down to one income once your newborn arrives.

Ensuring your budget includes any debt you may have will also be helpful, as it'll help you keep on top of your repayments.

3. Shop for your baby

The excitement of buying for your baby and setting up a nursery can quickly add up. To avoid blowing the budget, see our simple tips on how to manage these expenses.

4. Make your house and car baby-friendly

Buying a bigger house or a new car is a necessity for most parents. Deciding between renovating and relocating can be a tough choice, check out the pros and cons here. Or, if you're looking to buy a new car for family adventures or trips down to the shops, be sure to understand all the costs involved.

5. Understand the cost of childcare

It can be a good idea to spend some one-on-one time with your newborn, or catch up on some much needed sleep, by putting older children into daycare. However child care can be expensive, particularly if you're on one income. So check out how much you may be entitled to under the new governement child care subsidy.

Help and support is available

Navigating your finances while you're growing your family can be complex, here are some tools and websites that may help:

Important Information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

Want to keep exploring?

Other life moments

Buying for your baby: tips on keeping costs down

Costs can add up when you’re expecting. Here are our tips on keeping your budget in control.

Maternity or parental leave: our tips and tools

It’s your chance to bond with your newborn, but how much time can you afford to take off?

Being financially ready for your child’s early years

A realistic budget can set you and your family on the right course.

After more?

Savings accounts

Whatever you're saving for, our savings accounts can help get you there sooner.

Financial advice

A NAB Financial Planner specialist can help you with financial planning, financial advice or strategies. Request a complimentary Financial Adviser consultation near you.

Home loans

NAB offers flexible home loans to suit you whatever stage you’re at. Buying a home, investing, renovating, refinancing.

Let's talk

We're ready to help you

Talk to an expert
Call 13 22 65

Mon-Fri 8am - 7pm (AEST/ADST)
Sat-Sun 9am - 6pm (AEST/ADST)