This is a great time to check with your chosen public or private healthcare providers to further understand the upcoming costs with the arrival of your newborn. Both public and private healthcare policies may not cover all expenses so it pays to do your research and ask your practitioners what is covered under your policies.
Getting the support
To help ease into parenthood, it's a good idea to think about the support you may need - especially in those early weeks with the baby. You may consider getting help from family and friends to run household errands or help prepare meals. In addition, living on a reduced income during parental leave can make it difficult for some families to meet their full home loan repayments. 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.
Getting your home ready
Preparing for the arrival of your baby often involves an extensive shopping list - including a cot, clothes, nappies, infant toiletries, pram and a car seat. But with a bit of budgeting and savvy online shopping, you can help ease that financial pressure. You can set up Savings Goals with the Westpac Life Account to help track your progress.
Planning for the next nine months
Step 1: Keep track of your financial situation
During this time there will be many outgoing costs associated with pregnancy. It’s important to not lose track of your financial situation as these costs quickly add up. Keeping your family budget up to date is a great way to stay on top of things.
Step 2: Consider reducing expenses
Little everyday savings can go a long way. See where you could reduce expenses by dividing your expenses into two categories – essentials and nonessentials. You may be eligible to access a range of options to help support you in this time including reduced payments on your home loan.
Step 3: Protecting your family
With a new family member on the way, now is a great time to take stock of your most valuable assets and protect your family in the times they need it most. There are a range of insurance options available to cover your home, contents and life.
How we could help
Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
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