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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, call 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
  • If you are on government benefits, ask if you can receive an advance from Centrelink:

The Australian Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.

*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009

Expecting a baby? Tips on how to budget for new parents!

Expecting a baby can be one of the most exciting times in your life and it should be!

However along with that bundle of joy comes a wave of costs and commitments that most of us aren’t ready for and don’t even consider until we are in the thick of it!

So what should you expect when you are expecting a baby?

There are a few questions and conversations you need to have when your expecting a baby and planning financially for your new family.

How is your family going to function after your baby is born?

This is a pretty important conversation that all expectant parents need to have, how is your life going to look once baby is here?

Here are some key questions that will help you figure this out.

  • Who will work
  • Who will look after the baby
  • Are you going to use childcare? And when or what age will you want to put baby into childcare
  • Will grandparents be available for care if you go back to work?

Budgeting when expecting a baby

Budgeting when you are expecting a baby can be tricky, as quite often you don’t know how much things are going to cost you per week etc.

Now might be a great time to hit the supermarket and find out how much a box of nappies and formula costs and how often you will need to buy these? (from my experience usually a box of each a week will do the trick).

  • What is your new spending or savings budget going to be now that you are expecting a baby?
  • What are the costs that come with a new baby? Nappies, formula how much of these will you need a week?
  • What other expenses will I have with a new baby?

Do you still have realistic goals?

  • Are you going to delay big purchases like a house or a new car and consolidate and reduce your debt?
  • Or do you need to purchase a home for your family for the foreseeable future?

These questions may seem overwhelming now but you will be glad you planned ahead once you have decided on some of these big questions and it will give you more time to enjoy your baby!

Are you eligible for maternity leave or will you need to claim maternity leave through the department of Human Services?

They offer 18 weeks paid maternity leave for those who are not eligible for maternity leave within their workplace. This is paid at the minimum wage.

If you are not sure as to what you are entitled to or which would be better for your family when you are expecting a baby, you can go to the Department of Human Services Payment finder and find out what will work best for you.

What if I am a single parent and expecting a baby?

If you are a single parent and expecting a baby you need to be prepared during your pregnancy for the birth of the baby and look into who may be able to offer you support when your baby is born.

Do you have family support?

Is there a program you can enrol in where you can be cared for?

Midwifery programs are an excellent place to start, they are usually free and you have a support group and midwife on call throughout your pregnancy and birth as well as care in your home for up to six weeks after baby is born.

Ask your GP to refer you to a midwifery clinic the earlier the better as often these groups are in high demand and book up quickly (they start taking placements as early as 8-12 weeks pregnant).

Things you should consider and budget for while you are pregnant.

  • Dr and hospital bills?
  • Are you going private, public hospital or enrol in a midwife program?
  • How much are scans and blood tests going to cost you?
  • Purchasing maternity clothes and baby furniture.
  • Extra savings for after the baby arrives.

Budgeting for the new family

  • Track your spending
  • Nappies, formula, clothes etc
  • Buy second hand items

Find out what government benefits your may be entitled to:

  • Parental leave pay
  • Family tax benefit
  • Dad & partner pay
  • Childcare benefit
  • Parental payment
  • Rent assistance
  • Health care card

Visit the Department of Human Services website or call 136 150

Overall with the right planning and considerations you can make the joy of expecting a baby much easier and less stressful with a little planning and budgeting this will enable you to enjoy the arrival of your new baby.

expecting a baby

expecting a baby