Planning your finances
Planning before you're pregnant for changes to your income and the additional expense can help prepare you when the time comes.
Having a baby can mean extra costs as well as changes to your income and lifestyle.
Budgeting in advance can help you be better prepared for:
- medical costs like doctor and hospital bills
- baby care costs like prams, car seats and child care
- living on a reduced income, if taking time off from your job.
Learn more about budgeting for a baby at Moneysmart.
You don't usually get paid superannuation while you take time off work to care for a baby. This can affect your superannuation total when it comes time to retire.
Before having a baby, you may want to think about:
- consolidating your superannuation into one fund to save on fees, if you have not already done so
- making extra contributions to your superannuation while you’re still working
- contribution splitting, where your partner splits their superannuation earnings with you while you’re not working.
You can get professional financial help for your individual situation at:
- Financial Information Service from Services Australia – information to help you plan for your financial future
- National Debt Helpline – call 1800 007 007 for free, independent and confidential financial counselling.
There are different family assistance payments you may be eligible for once your baby is born.
You can make a pre-claim for some of these payments up to 3 months before your due date. This can save you time after your baby is born.
Check what payments you can pre-claim before your baby is born at Services Australia.