Your baby Budget Planner
Preparing to bring a newborn into the family can often come with a number of unexpected costs. But with a bit of forward planning, you could make things simpler. A great place to start is to work out your budget, create a list of your anticipated expenses and consider setting up a dedicated savings account to help cover these costs as they arise.
Handling changes in income
If you or your partner goes on parental leave, your household income could change, so it’s important to take stock of your financial situation. You can visit our hub of helpful toolkits to help manage your earnings and expenses. Consider reduced or paused repayments on your home loan or our Parental Leave Lending policy to help secure an arrangement that is right for your family.
Thinking beyond the first few years
You may find yourself busy focusing on planning for a newborn. Giving thought to your finances, beyond the baby years, is also a good idea at this time. A little forward planning including saving for your child’s education or for taking additional leave for another child could help safeguard your financial planning for years to come.
Take a fresh look at your financial situation...
Public vs private healthcare
It’s worth doing your homework when it comes to the costs and entitlements associated with public healthcare and private health insurance. Be sure to check the waiting periods for private health insurance services, from the time you sign up for the cover. Even if you already have private health insurance, take the time to review your existing cover and entitlements – and check if any waiting periods are still applicable.
Making joint decisions
Talking to your partner about your financial future today could also make a big difference in the long run. Consider who’ll be the primary caregiver and who’ll continue working and how your financial goals and priorities might change over time. This may also be a good time to consolidate any existing debt to help with your financial planning.
Take the time to find out if you’re eligible for any government assistance – it can ease some of the financial pressure to cover some of the upcoming expenses. This includes potential government benefits such as Parental leave Pay^, Family Tax Benefit^ or Dad and Partner Pay^.
Your new family member
When you’ve taken into account hospital bills, purchases for the baby, setting up your home and any ongoing medical bills, the first 12 months could test any family budget. So the sooner you start organising your finances, the better. Adding money to a savings account or putting more into an offset account could be a great option. You could also talk to one of our BT Financial Advisors or take a look at your budget with our online budgeting tool.
How we could help
Things you should know
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help, call 132 032.
Credit criteria, conditions, fees and charges apply.^
© Commonwealth of Australia.
#BT Advisers are representatives of Westpac Banking Corporation ABN 33 007 457 141 AFSL & Australian credit licence 233714 (Westpac). BT is a division of Westpac.
Any recommendation made in this communication does not take your objectives, financial situation or needs into account. Read the terms and conditions at westpac.com.au before making a decision and consider if the product is right for you. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714