Here are some valuable tips to help you financially prepare for starting a family and explore your options:
- Secure Private Health Insurance Early: If you are considering private clinics or hospitals for your pregnancy, make sure to obtain private health insurance at least 12 months in advance. Many private health funds have waiting periods for pregnancy coverage. Schedule an appointment with a private health insurance provider to understand all the inclusions and any required modifications to your cover.
- Plan for Maternity Leave: Initiate a discussion with your HR department or leave management personnel to understand your options and contractual limitations regarding maternity leave. Some employers offer the choice of extended leave at half pay. For instance, if your entitlement is 12 weeks, you could potentially extend your paid leave to 24 months with reduced pay.
- Consult the Local Government Welfare Office: Arrange a meeting with your local government welfare office to explore potential entitlements under the Australian Government Paid Parental Leave Scheme. If eligible, you can access up to 18 weeks of government-funded parental leave.
- Create a Comprehensive Budget: Sit down and meticulously list all your fixed expenses and day-to-day living costs. Since your income may undergo changes during this period, it is crucial to review discretionary expenses and consider pausing or cancelling subscriptions. For example, you might need to pause your gym membership temporarily as your ability to attend might be limited post-birth. Most gyms are flexible with membership pauses, allowing you to resume when you’re ready. Once you’ve adjusted your expenses, establish an interim budget until your financial situation stabilizes.
- Review and Establish Necessary Insurances: Consult an insurance adviser to ensure you have adequate coverage for your evolving circumstances. Insurance companies can be reluctant to provide coverage for pregnant individuals due to potential complications. Consider factors like gestational diabetes and post-natal depression, which can affect your future insurability. Review or establish insurances that protect both you and your future family.
- Shop Smart Online: Set a budget for future expenses related to your growing family and take advantage of online shopping to find the best deals. By planning ahead and researching prices, you can save money on essential items without feeling rushed.
- Reach Out to Medicare: Contact Medicare and consult with a representative to inquire about the government safety net and potential additional rebates. If you have reached the Medicare threshold, you may be eligible for supplementary benefits.
Preparing for the financial aspects of starting a family is crucial for ensuring a stable and secure future. By following these tips and proactively exploring your options, you can better navigate the financial landscape and make informed decisions that benefit you and your growing family.
