Getting ready for a new arrival.

Pregnancy is an exciting time – it means the beginning of big changes to your lifestyle and your family. Babies are adorable but they’re not cheap so your finances might be in for a major change. Planning ahead can help you get a handle on paying baby expenses and the possibility of a lower income. Start by forecasting how much of an income reduction you’ll experience after the birth, and how you might plan for the ongoing baby expenses. Use a budget calculator to predict what your income and outgoings might look like once your baby arrives, there are lots to choose from online, including ours. During pregnancy you could test out your new spending plan: can you live on one income during pregnancy and save the rest?

Do you need to start saving?

Babies incur both up-front large costs – like strollers, cots and car seats – and regular ongoing costs like nappies, clothing, and possibly formula. Pregnancy is an ideal time to start saving for upcoming baby expenses. Do lots of research on those bigger items and shop around for them to find the best deal and think about what you’re happy to get second hand.

Organise your parental leave

New parents are entitled to parental leave payments from the New Zealand Government for up to 26 weeks. All or part of the leave payments can be transferred from the mother of the baby to her partner – find out more about parental leave here. You should also speak with your employer about any additional support they might offer. Try to have all your parental leave set up before your baby arrives.

Start thinking about childcare

Childcare is one of the most expensive aspects of family life. Find out whether you’ll be eligible for childcare subsidies through Work and Income – if it’s going to be a financial stretch, you could consider talking to your family about whether they can help. Research early childhood education centres in your area; the Education Review office has reports that can help you evaluate your options and make sure you visit a centre before enrolling your child. They’re use to visitors and it’s a great opportunity to really see what they can offer: are nappies and food covered by them or is it a cost you need to factor in? Think about enrolling your baby into your preferred centre early, since some have long waiting lists.

Financial help from the New Zealand Government

As well as paid parental leave, you may be able to access other governmental support. There’s also help for sole parents, young parents, parents of multiples and babies that need ongoing medical care. Find out what you are eligible for with an online questionnaire on the MSD website.

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