Planning for pregnancy? Four easy tips to get your baby budget in order
by Row Murray
Life Admin Geek
Congratulations! You’re starting a family. No matter how much you plan – from which pram to get or where she’s getting her first haircut – there will always be plenty of surprises along the way with a new baby.
It’s easy to focus on the excitement and joy of the bub-to-be, but a little financial planning now will see you worry less about money and more about your first memories with your brand new bundle of joy.
Let’s start getting your finances baby-ready!
1. Look to the future and find ways to be savvy with saving for things like nappies and school fees
Figure out the impact of a reduction in your income. From time off to have the baby, to career changes like going part-time, you need to plan for those times when your income isn’t what it has been.
Plan your ‘getting started’ costs, like a pram, cot, nappies, bottles, food and baby clothes.
Factor in the bigger costs, like childcare, school fees, and even things like medical, dentist and orthodontist fees.
2. Get your budget together and start planning
From education to housing to holidays, children are expensive, so set aside regular savings starting today.
Use a budget planning tool to work out where your money is going, and just as importantly, where you can cut back.
3. Roll up your saving sleeves and reorganise your finances
Make sure your savings account is a high-interest earning account.
Sense-check your home loan. Our home loan advisors can help you compare home loans and potentially even switch you to a cheaper deal.
4. See if you can cut costs and gain greater peace of mind through things like insurance
Do your homework to get a health insurance policy that fits you and your growing family. Our online comparison tool can help you on the way to finding the right insurance plan.
It’s important that you’re paying for the right health insurance policy and that you get the inclusions you need. If you’ve been on a budget-friendly ‘junk’ policy, it might be time to upgrade.
It’s important to note: You need to plan ahead when it comes to pregnancy and health insurance. Many people only begin looking for private health insurance once they’ve fallen pregnant and don’t realise that a waiting period may apply to the policy. If you arrange private health cover early, you’ll be able to serve your waiting periods as soon as you begin planning for a family (usually 12 months – however most of this time can be while you are pregnant!). This means by the time you actually need to use pregnancy and obstetrics services, you’ll be covered.
It’s your turn to save, Australia. See how much you could save on your health insurance.
You can’t put a price on family, but you can certainly make the financial road an easier one with iSelect. Review your health cover by comparing online or calling us on 13 19 20 to speak to one of our health insurance experts, like Chantelle from our Melbourne office:
iSelect does not compare all products in the market. Any advice provided in this content is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice we give you, having regard to your personal situation, before acting on our advice or purchasing any product.