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Budgeting and Planning for Children

Most parents quickly learn that children are precious but also very expensive. You will most likely encounter a host of unplanned expenses before your child’s first birthday! So it makes sense to start budgeting and saving now if you want to start a family.

Budgeting makes your life easier because it gets you thinking about how much money is coming in, and how much you know and expect is going out. It is a time proven strategy that shows you how to use your money to achieve your personal and financial goals.

If children are one of those goals, they must be at the centre of the budget long before they are born. If you are expecting children, add them to the budget now and see how much money you will likely need to raise your child or children.

The best way to learn to budget is to start budgeting, right now no matter how far you think you are from your goal. You can use the Budget Planner Calculator at Holiday Coast’s website to devise a basic budget based on your current income and known expenses.

Saving Plans for Children

Once you have a budget we encourage you to also set up a savings plan, because you will need all the extra money you can save when children arrive.

There are many useful tools that make savings easier, including a Savings Plan Simulator and a Compound Interest Calculator. These tools, combined with a basic savings account, can go a long way to helping you save enough money for the growth and development and most importantly the education of your children.

Your Employer and the Government Can Help

Also check out the Department of Human Services website for information about the following:

We recommend that you fully review the Department of Human Services website to see what benefits are available and encourage you to apply for all the benefits that you are eligible for.


Keep Expenses Low

Try to implement as many money-saving strategies as you can while preparing for your children. This will help build your savings.

Here are some tips to consider -

  • Buy baby clothes, furniture, cribs, strollers and other necessary equipment from garage sales, charity shops, second-hand stores or online on Gumtree or eBay.

  • Ask friends and relatives if any of them have baby clothes, cribs or strollers that their own children have outgrown.

  • Also check if family members, especially grandparents, will be available for babysitting from time to time.

Safeguard Your Children’s Future

You will need to do some basic legal and financial planning to secure your children’s future. Make sure that you have a valid will and appoint somebody as your children’s guardian.

You should also consider purchasing or reviewing your life insurance to ensure that your children have a comfortable lifestyle should any tragic circumstances arise for you or your partner.

Again we can refer you to Bridges Financial Services for expert advice in relation to life and Income insurances and general financial planning for you and your family.


This article provides general information only and should not be relied upon as financial product advice.


Calculate how much money you will need to save to achieve your financial goals.


Plan your budget

Its a great idea to set a budget and regularly review to check if your on track. As your goals change so should your budget, Use the handy budget planner to get your finances under control.


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