Financial considerations

It is estimated that you will spend up to 20% of your income on child related expenses, regardless of how much you earn. As your baby grows, you will find the costs continue to increase and of course your commitment will not end for many years to come.

Many families will drop one income completely for a period of time while others will have the added costs of childcare if both partners return to work. Be aware that this loss of income can cause stress in many relationships, particularly with the added pressure of a new baby. One way to alleviate this stress is to take the time to discuss how you will manage your financial situation once you have a baby.

Recognising the added costs new parents face, a government benefit is available to those couples who need assistance. To find out more, contact Centrelink on 13 13 05.

What does a new baby cost? 
Below are just some of the costs associated with a new baby.

Private health cover
While private health cover is optional, many couples trying for a baby will choose to take out private cover.

Housing
You will need to assess whether your current home environment is suitable for a baby. If you are sharing a house or living in a one-bedroom apartment for example, you may find this too cramped once you have a baby. If you think you need to move house, then plan to do it either before you fall pregnant or in the early stages of pregnancy to ensure you have time to settle and not feel pressured by the baby's imminent arrival.

Transport
Many parents will consider switching to a "safer" or more suitable "family" vehicle once they have a child. Obviously, this is an optional choice but if you currently drive a two-door sports car for example, you may find it a bit more awkward getting a baby capsule in an out.

Furniture and equipment
You are going to need some basic items such as a cot, stroller and baby capsule for the car. Continued...