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 first. 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 childcare can be expensive, particularly if you're on one income. So check out how much you may be entitled to under the new government child care subsidy, opens in new window.
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:
Use our budget planner to help you set up and stick to your budget as new parents.
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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.