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. If you have a home loan, you’ll need to consider how you’ll manage your repayments during this time.
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, set yourself a plan 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 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.
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:
Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/family/start-family/growing-family
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
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