What to expect when you’re expecting and how to navigate this stage financially.
If you’re planning on starting - or adding to - your family, congratulations.
We’ve put together a guide to help you navigate this big life event, so you know what to expect when you’re expecting.
Taking time off to care for a baby may mean your income is reduced, but it’s likely you’ll be able to get some financial assistance. See what you could be eligible for to help you prepare for this big life change.
The government provides the eligible parent with pay at the National Minimum Wage for a maximum of 18 week if you meet requirements including an income test and a work test. Find out what government support you may be eligible for including:
Your employer may offer paid parental leave to eligible employees for a certain period of time, so review your employer’s paid and unpaid parental leave policies.
Some key points:
If you have a partner, find out what their employer provides along with any government assistance available to them.
If you have private health insurance, review what expenses will be covered by your health insurance – keep in mind that most pregnancy cover has a waiting period of 12 months. Consider what insurance you want before and after the baby arrives.
Caring for children can mean increased living costs, so it helps to financially prepare for these changes.
It’s likely you’ll need to update your budget or develop a new one to help you plan. Find a budgeting tool that works for you – try the one on ASIC’s MoneySmart to get started. Update your budget for your estimated increased living costs and/or reduced income. Don't forget to include:
And remember to add up what your ongoing costs will be (such as baby clothes, nappies, and formula) as well as your one-off upfront expenses (like a cot, pram and car seat). You might find it helps to separate these costs into two lists – one for ongoing costs and one for upfront costs – so you can prioritise your purchases before you welcome a baby.
This guide contains general information to support you as you build your financial fitness. It doesn’t consider your personal circumstances and isn't financial advice. The information is true at the time of publishing.