Baby budget 101
It’s an almost unavoidable fact – babies come with an extensive shopping list. But with a bit of planning there’s no need to feel daunted. Setting up a dedicated savings account could also be a good way to get prepared.
Changes in income
If you or your partner goes on maternity or paternity leave, your household income could take a knock, so it’s important to take stock of your financial situation. You can use our online budgeting tool to get a thorough insight into your incomings and expenses.
Thinking ahead to the first few years
Even though your mind might be occupied with setting up your home with a new baby in mind, some forward planning beyond the baby years is also a good idea. By doing some financial preparation now, you could be in a good position in years to come.
Take a snap shot of your financial situation...
Private Health Insurance
If you don’t have private health insurance and are thinking about having a baby, there may be a waiting period from the time you take out the cover. It’s important you find out how long this is. Even if you already have private health insurance, take the time now to review your options and take any waiting period into consideration.
Talking to your partner today could make a big difference in the long run. Think about who’ll be the primary caregiver and who’ll continue working and how your financial goals and priorities might change. It might seem like a lot to cover off, but it can help make the way ahead clear for both of you.
Do your research to see if you’re eligible for any government help – it could make a huge difference. 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 costs, clothing, setting up your home and any ongoing medical bills, the first 12 months are likely to be costly. So the sooner you start thinking about 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 Advisors or take a look at your budget with our online budgeting tool.
On our 200th anniversary, every child born in 2017 is eligible for $200.
If your parent opens a Westpac Bump Savings account in your name between 8 April 2017 and 31 May 2018, we’ll deposit $200 into it which you can withdraw when you’re 16*. Because you may not be with us yet, but we’re proud supporters of you from day one.
Conditions apply. Express interest
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.
*Offer may be withdrawn or extended at the bank’s discretion. The child must be born in 2017 and have a permanent Australian residential address. The account must be opened in the child’s name by the parent or legal guardian. $200 will be deposited if the Westpac Bump Savings account is opened and the child’s identity veriﬁed by 31 May 2018. Deposit will be made within 3 business days of ID veriﬁcation. $200 offer limited to one per person. $200 will be available to withdraw in the month the child turns 16 and will be forfeited if the account is closed prior. Read the terms and conditions available from 8 April 2017 at westpac.com.au before making a decision and consider whether this product is appropriate for you.
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.
© 2017 Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.