Budgeting for baby's arrival

Having a baby is a significant life event and it’s important to have your finances under control so you can set aside any worries and concentrate on raising your child. 

Having a planned budget allows you to better manage your money and plan for your family’s future. It’s an easy way to work out what you can spend, and what you can afford, avoiding the pitfalls of accruing unnecessary debt. 

And it seems money is on the minds of a lot of Australian parents, based on the results of the recent First Five Years Snapshot of Australian Families survey, which found 40% of parents surveyed have struggled to meet essential expenses like food, mortgage/rent, utility bills, child care or important medical care over the past 12 months and 29% of families do not believe they have enough money left after essential expenses to purchase much of anything they really want.

To make that process easier we have searched the internet to find some of the best online tools and resources to assist you and your family.

Australian Securities and Investment Commission’s (ASIC) MoneySmart

Some of the most popular tools are those provided by the Australian Securities and Investment Commission’s (ASIC) MoneySmart website:

• Use their online Budget Planner.
• Download the excel version of the Budget Planner. (See Resources link below.)
• Download their TrackMySpend app to track your spending on the go.
• If you're taking time off work to have a baby or care for a child try the parental leave calculator. 
• Compare the costs of renting or buying products with the Rent Vs Buy calculator. 

Australian Government’s Department of Human Services 

The Australian Government’s Department of Human Services has a range of helpful information including:

• Plan for your bills and manage your expenses by accessing your Centrelink payment and deduction information online. You can find detailed information about your payments and deductions by logging into myGov and selecting your Centrelink online account. Your Deduction Statement shows your next regular payment, how much is being deducted and the amount remaining. It also shows other new and changed deductions planned to start at a later date. Watch the step-by-step guide on how to request a Deduction Statement using your Centrelink online account.
• Once you have registered you can use the Express Plus Centrelink mobile app. 
• Calculate an estimate of your child support payments .
• Payment and Service Finder helps you find, estimate and compare payments and services you may be eligible for.
• Find support for non-parent carers. There are several payments that are available if you're not the parent of the child you care for.