Your starting a family eBook
Thinking about having a baby? Congratulations!
There are over 300,000 babies born in Australia every year according to the Australian Institute of Health and Welfare – but alongside all the cuddles and cute moments can come a lot of changes and challenges, too.
This eBook is an essential guide to having a baby – what you need to consider, and the costs involved in bringing a new little person into the world. We also include ways to cut costs and save where you can, so we hope it helps you out.
From that first gummy newborn smile to the day you wave your kid off to university, parenthood is an adventure packed with memorable moments. Yes, even when you factor in the sleep deprivation, endless nappy changes or The Wiggles on repeat!
Finding out what’s in store and being realistic about what parenthood will throw at you – emotionally, physically and financially – is important, as this will be one of the biggest life transitions you’ll make.
Preparing, planning and budgeting for your new bundle of joy will ensure you can manage the challenges with less stress, and get on with enjoying with making memories with your little one.
Just how expensive is it to have kids?
You might not think your gorgeous, cuddly baby could cost all that much at all – after all, they don’t take up much space or even eat solids yet, right? Not so fast. Figures published in 2018 from the Australian Institute of Family studies shows that the minimum cost of raising a child is $140 per week (or around $7280 per year).
The first year can hurt your pocket especially, too – with some research showing that many parents spend between $5,522 and $9,079 in their baby’s first year, on things like clothes, baby care products, transport, home improvements, pregnancy clothes and accessories, food and hospital bag items.
Expenses can add up as your child grows, too, with things like school fees, activities, car insurance for a more robust people mover to get around in, or a life insurance policy to help ensure your young family is financially protected in case of every eventuality.
Dipping a toe into parenthood with the knowledge of the expenses and challenges ahead can really help mitigate financial and emotional stress you and your partner may face along the way.
It’s all about good planning and budgeting for your new bundle of joy – and if you start early, you’ll find it easier to make ends meet and ensure you can cover all the associated costs that come with raising a family.
But being aware of what you’ll need to pay for – and where you can save – can really help in mitigating the financial stress of becoming a parent. Let’s look at exactly how to do that.
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28 Jan 2021