Babies are expensive and, for at least some period of time, you will most likely be surviving on one income. With some planning, homework and sacrifice, you'll find a little can go a long, or longer, way.
Assess and protect what you have
See a financial planner to have a 'health check' of your finances. The appointment will probably cost a few hundred dollars but will give you peace of mind knowing that your situation is 'healthy', or will provide you with information and advice on how to achieve 'healthy'.
Make sure you take current information on:
- salaries
- superannuation
- mortgage/rent commitments
- family budget
- policies (life, accidental death, income protection etc)
- investments (shares, managed fund)
- health cover
- value of any debt
While a family is relying on a single income, this needs protecting. If you don't already have income protection insurance, you should consider getting it, which will guarantee an income in the event that the working partner is forced to stop work due to illness or injury.
Entitled to financial assistance?
Once baby is born, there are a number of government payments on offer. Contact Centrelink to see if you are eligible for family allowance, multiple birth allowance, family tax initiative, immunisation allowance, childcare rebate, etc.
Tel 13 61 50 or http://www.centrelink.gov.au
Tips for spending less every day
- Consider refinancing your mortgage to be with a lender who has lower interest rates, is more flexible, gives you redraw and lets you make extra repayments
- Join Coles Baby Club – you'll receive the latest information in the free quarterly magazine, Coles Baby
- Buy things on special
- Buy in bulk (better still, buy in bulk on special!)
- Take advantage of any promotions (two for price of one, rewards for buying a particular brand)
- Take advantage of the fuel offers from Coles supermarkets
- Use vouchers (e.g. Entertainment Book, shop-a-docket, etc)
- Set up a babysitting club with your mothers' group or friends
- Join a library, for toys and videos as well as books
- Sell what you don't need (Trading Post, newspapers, eBay etc.)
- Borrow and share baby equipment with friends
- Watch out for sales – particularly when buying large items and toys
- Explore the web for moneysaving ideas (http://www.simplesavings.com.au)
- Review your mobile phone plans – there are very competitive deals offering free calls to family and friends and free SMS
- Enter competitions – someone has to win!
- Collect points with loyalty cards (e.g. FlyBuys, frequent flyer, credit card incentives)
- Walk instead of drive
- Breastfeed!
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