Soooo you’re thinking about starting a family?

Cue the baby name brainstorms, Pinterest nursery boards, and wondering if Bluey is a legitimate parenting role model (spoiler: it kind of is).

Starting a family is one of life’s most exciting milestones, but let’s be real: it's also the start of a whole new financial era. While you're thinking about bottle brands, boujee cots and bedtime routines, there’s also a not-so-glamorous conversation that deserves a seat at the table: MONEY.

You might catch yourself thinking “Our parents managed just fine without budgeting spreadsheets, we’ll figure it out too, right?”

Well… maybe. But times have changed.

That’s why we’re kicking off a 3-part series to break down the key costs that sneak into each step of your parenting journey.

💰 Step 1: Check your financial health (before you add any dependents)

Before we dive into the cost of costs and nappies, it’s important to check your financial foundations. Think of it like building a house: you need to check the foundation before you paint the nursery walls.

So, if you’re starting a family… or planning to start a family, it’s probably time for “the money chat” with your partner. Not the sexy date night convo you were hoping for, but absolutely essential.

Ask yourselves:

• What’s our combined income?
• What debts do we have? (and are we dealing with them?)
• Are we saving consistently?
• How do we want to share financial responsibilities?

Signs you’re on the right path:

• You’ve got an emergency fund or you’re on the way to building one
• High-interest debt? Paid off, or at least you’ve got a plan to
• Your current lifestyle leaves some wiggle room in the budget (Hint: if you’re already struggling to split bills and brunch, adding a baby won’t magically help)

If there’s still some work to do, that’s okay. Now is the time to set a plan and work towards these goals. You can even use our Academy course “Money talks made easier” to start the convo with your partner.

🧑‍🍼 Step 2: Parental Leave - What’s the deal?

When the baby arrives, someone’s probably going to hit pause on work. And while babies are small, the costs aren’t. 

Here’s what to check before or during pregnancy:

• What parental leave does your employer offer? Is it paid? Is it unpaid leave? 
• Are there other benefits like flexible work hours?
• Are you eligible for the Australian Government’s Paid Parental Leave? It’s currently up to 26 weeks at the national minimum wage ($948.10/week) if you meet the criteria.

Pro tip: Don’t assume stuff. Ask HR. Get it in writing. 

🏥 Step 3: Health Costs - A plot twist you might not expect

Welcome to the part of the parenting journey where your Google history (and ChatGPT) becomes 90% baby-related and 10% mild panic.

Even before your baby arrives, there’s a lot happening:

• Routine check-ups
• Blood tests, scans, and ultrasounds
• And possibly specialist care like obstetricians, fertility treatments, or genetic screening

If you’re going through the public system (Medicare) - good news! Most essentials are covered.

But if you’re thinking of private healthcare the costs can range anywhere from $3,000 to $20,000 depending on your insurance cover and birth plan.

So yes, you might get your choice of doctor and shorter wait times but you’ll want to budget for it.

🏡 Step 4: Housing - Time to rethink that studio apartment

If your current living setup includes a sharehouse fridge and a mattress on the floor... it might be time for an upgrade.

Let’s talk logistics:

• You’ll need space. Not just for a baby - for the pram, cot, car seat, nappies, bottles, and the never-ending pile of laundry.
• Consider your location. Are you near schools, childcare, parks, or the grandparents (aka free babysitters)?
• Think ahead. Does the house grow with your family, or will you be moving again once the baby starts walking?

Whether you buy or rent, moving to a more family-friendly setup often comes with bigger bills. Think higher mortgage repayments, increased utilities, and probably a car with a bigger boot. So don’t let these costs sneak up on you!

TL;DR

Babies are adorable, but not cheap. But starting to plan now means fewer surprises later... and more freedom to enjoy the baby cuddles without stressing over bills.

Stick with us in this series as we continue to unpack the financial milestones of modern parenthood. Next up, managing money post-baby arrival (all while navigating nappies and sleep deprivation).