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.
Budgeting
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.
Superannuation
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.
Financial advice
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.
Financial support
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.