{"id":6154,"date":"2019-04-30T11:48:00","date_gmt":"2019-04-30T01:48:00","guid":{"rendered":"https:\/\/nimble.com.au\/?p=6154"},"modified":"2026-01-27T13:05:21","modified_gmt":"2026-01-27T03:05:21","slug":"financially-preparing-and-budgeting-for-a-baby","status":"publish","type":"post","link":"https:\/\/nimble.com.au\/blog\/financially-preparing-and-budgeting-for-a-baby\/","title":{"rendered":"Financially Preparing and Budgeting for a Baby"},"content":{"rendered":"\r\n

Starting a family and settling down is a life goal for a lot of Australians. Making the decision to bring a new life into the world can be daunting, especially from a financial perspective. A 2016 study<\/a> suggests that raising a child to the age of 17 costs the average Australian family more than $297,600!<\/p>\r\n\r\n\r\n\r\n

Starting off your family life in the right financial direction is imperative, though it might seem like a tall order. Thankfully, budgeting and preparing financially is a relatively simple process, and is pretty easy if you get started sooner rather than later. The trick, as always, is to plan, set goals, and take advantage of these great tips!<\/p>\r\n\r\n\r\n\r\n

You seriously need a budget<\/strong><\/h2>\r\n\r\n\r\n\r\n

The number one mistake that new families make when starting out financially is failing to budget. With just two members of a household, each with a good understanding of their own personal finances, it is sometimes possible to get by just on \u2018gut-feeling\u2019. However, throw another hungry mouth into the mix, as well as a few sleepless nights and maybe some unexpected expenses, and even the most naturally financially-savvy people can quickly be left stranded.<\/p>\r\n\r\n\r\n\r\n

If this is your first budget, you need to learn to crawl before you can walk <\/a>(excuse the pun). Start off with just the simplest budgetary framework \u2013 dividing your expenses into three columns:<\/p>\r\n\r\n\r\n\r\n

    \r\n
  1. Fixed expenses such as rent, mortgage, netflix and insurance<\/li>\r\n
  2. Variable essential expenses that vary month to month, such as electricity, food, phone bills and vehicle costs<\/li>\r\n
  3. Variable expenses which are not essential, such as eating out, holidays, and so forth.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    Once you\u2019ve figured out where your money is going, it’s a good time to allocate a little bit of extra money for your financial security. Starting a seperate (untouched) savings account is a quick and easy way to get started with this. This account will prove invaluable for the \u2018startup\u2019 costs associated with having a kid \u2013 accessories, hospital bills and other costs can quickly add up!<\/p>\r\n\r\n\r\n\r\n

    Make necessary purchases ahead of time<\/strong><\/h2>\r\n\r\n\r\n\r\n

    With a budget in place, you can start getting ready for the big day. Fitting out and baby proofing your home can be expensive, so it’s a good idea to introduce these costs relatively slowly. Including \u2018baby preparations\u2019 as a variable essential expense is a good idea – even if it means cheaping out a bit when it comes to other discretionary expenses. Don\u2019t worry though, as there are plenty of ways to have fun on the cheap!<\/p>\r\n\r\n\r\n\r\n

    A good place to start with your preparations is putting together a \u2018hospital bag\u2019 full of the essential items you\u2019ll need when push comes to PUSHHHHH!<\/p>\r\n\r\n\r\n\r\n

    A typical hospital bag will contain items like:<\/p>\r\n\r\n\r\n\r\n