Get financially baby-ready

Having a child is an exciting time, but it can also be an expensive one.

Ensure you’re baby-ready with these financial tips. 1. Consider the upfront and ongoing costs

These might include baby accessories such as clothes, nappy bag, car seat and stroller and more. 2. Make sure you’re across your medical expenses

These include doctor and hospital bills, scans, birthing classes and special medical tests.

Think about whether to have your baby in a public or private hospital, as there may be out-of-pocket expenses with either. 3. Research your employer entitlements

Many organisations have their own parental leave policies, which may include various paid and unpaid leave entitlements.

You may also want to find out if you’re eligible for any annual leave, long-service leave or regular unpaid leave if you’re planning to take time off work. 4. Explore the government’s paid parental leave scheme

If you meet criteria, primary carers of newborn or adopted children can apply for governmental parental leave payments, which provide the national minimum wage for up to 18 weeks.

While it’s possible to receive government payments in addition to payments your employer pays under its own parental leave policy, legislation is before parliament that could change this. 5. Investigate other government assistance

You may be eligible for other assistance such as assistance with childcare fees, Dad and Partner Pay, which provides up to two weeks of government funded pay, and the Family Tax Benefit, which helps with the cost of raising children. 6. Create a budget with the information you’ve collected

Consider costs, entitlements you may be eligible for and how long you may take off work when you set your budget.

Account for everyday expenses such as fuel and groceries as well as additional money such as childcare benefits. . 7. If you can, prioritise your existing debts

Credit cards, personal loans or a home loan — reduce these debts as much as you can before the baby arrives. Things to consider:

Reviewing your credit card situation and whether you’re really getting a good deal

Roll debts into one to decrease fees and interest

Ways to pay off your home loan faster or refinance so your loan is more cost effective.

Starting a family is a significant life event, so it may be worth speaking to a financial adviser.