Budgeting for you and your bump.


Having a baby is one of the most exciting things you can do in life. And while nothing can quite prepare you for the changes afoot, one area that you can get a handle on is your finances.

To do this successfully, there are just two things you need to do.

  1. Be prepared for life to never be the same again

    Getting real about the changes that'll happen to you and your family after you have a baby is really important. You're going to have to have some big discussions about a range of things, and money definitely needs to be one of them.

    Here are some points you might like to consider along the way:

    • Will they go to work or stay at home?
    • Will you be losing an income?
    • Do you need to change how you manage your day to day spending and saving?
    • Do you need to hire some help?
    • How can you revaluate your goals and priorities to include financial ones?
    • Should you delay major purchases or try to reduce your debt?

    Only you and your family can answers these questions, so make sure you organise a time to have “the talk” and get it all out on the table (sooner rather than later).

  2. Make a budget

    While setting a budget may seem daunting at first, once you start working out the details, you'll have really good idea of how your finances are tracking.

    We recommend keeping a note of your spending for 2 weeks so you can get a clearer picture of what is going in and out of your account.

    Our budget planner will do a lot of the sums for you, so you can start working out how to factor in the extra expenses you'll have once the baby arrives: nappies, baby food, nursery equipment etc.

    You should also ask your employer about your paid leave entitlements, such as maternity, recreation, long service or unpaid leave. This will help you make adjustments for any changes to your income if you or your partner takes time off work.

    To be parents are a retailers dream. Buy the essentials and make the most of your interest free period on your credit card to pay it off. To keep costs under control, also think about buying second-hand goods. Find out the retail price of new items so that you can get a good deal.

    Family and friends might also have items they can lend or hand-me-downs they can give you. Plus you can check online, at specialist second-hand baby stores, garage sales and charity shops.

    If that doesn't work, another option to consider before baby is born to help cover those small expenses is our Gem Visa credit card? With its low interest rate and 6 months interest free on all purchases over $250 1, you'll be able to give your baby the start it needs, without the stress.