Planning finances for new baby

[sashalo]

Hi, I am new to this site...just found out 2 days ago I am about 4 weeks pregnant! As a struggling fashion designer (you don't get a lot of money when you are starting out), I would really appreciate any input on the financial impact the bubba is going to make..

I understand that the government does help (but what is your opinion on this?), but also wanted to know what kind of costs will I be looking at from the day of birth till the child is about 7 years old?

I was thinking:

At birth: Throw baby shower to avoid surplus of buying essentials. So need basics as crib, pram, car seat etc... How much would that cost roughly? And nappies!

At age one: More clothes, new pram, new car seat etc?

And by the time age seven: toys, books, childcare?

I really appreciate any response, as of current I am very nervous about planning this!

Also, extra question: With my current income and career, there is no way I am near in purchasing a home with my bf, so how do I go about tackling the living solutions financially? Anyone been through this? Thanks!

[Kailani]

Hi there,

Yes the government assistance can be of great help! If you are a low income earner you may be eligible for additional parenting payments as well as family tax benefit and baby bonus payments. In regards to your housing, you may be eligible for rent assistance also.

Get a pram that you can use for a few years, same with car seat - get a convertible one that can be used til bub is 16kg (app. 3 - 4 years) or whatever it is.

Get clothes second-hand if possible as bub will grow out of them so quickly you don't want to be spending lots of money on clothes in the first few years.

A baby shower is a great way to get clothes for the first year.

If you are able to, use cloth nappies - yes there's an outlay but you will never have to buy them again!

Stick to basics...you don't need a fandangle exxy pram, cot, high chair, nappy bag, etc!

Good luck amd congrats!

ETA...the $5000 baby bonus would cover the cost of the first year imo...providing you buy moderately priced stuff. Also, really look out for the big sales - Toys R Us, Baby Bunting, Target, etc have nursery sales quite often so NEVER pay full price for anything!!

[Mum2SweetCs]

HollyM gave you some great advice there.

Can you borrow clothes off someone? You will be surprised how many people will be willing to help out a mum to be. Babies grow out of clothing so quickly

I think DD, only wore like a couple of bond suits for her first few months.

Always hunt for bargains and do a price match thing (ie go to a store ask for the price and then see if another store can offer lower)

Agree, dont need the best of everything, prams can cost from $100 to $1000!!! get one that is reclinable but also one that is light for when your baby becomes a toddler. I got mine from ebay brand new steel craft transition for $170 (free delivery)

Kids dont need expensive toys. DD's fav toys were maracas i made with plastic bottle and rice and I made her her own touch and feel drum which she still uses today and she's 17 months.

Also, you dont need to get everything at once. for example with a high chair, just wait until you see a mega cheap bargain (sometimes Toys R us has them for like up to 80% off!!!)

Best of luck with everything and enjoy your journey to motherhood =)

[murraysmum]

isnt the baby bonus in fortnightly payments now for everyone

basicly i went second hand for my son as i was a student and struggling to pay rent and feed myself let alone pay the outlay my parents helped me with most of it cott pram all second hand i got a convertable car seat which was cheap

living i got a cheap rental and cutt my living exspences right back bought home brand stuff and cutt down on my car use

make a budget they are life savers

[sashalo]

Hey guys! I really appreciate all the advice

I guess for now we also have to figure out our living situation as we don't live together.

Thanks again!

[mitzy81]

Don't stress too much, that is the most important thing.
The baby bonus comes in handy and is paid fortnightly I think for 6months
Seriously, buy 2nd hand. Check out online auctions, garage sales etc. I have purchased ALL my baby furniture for absolute bargain prices. Check catalogues when they come in mail, layby (I did this with cot sheets, blankets, matress etc). Get clothes from op shops. I bought a heap of tshirts and shirts for bub for only .99c each and they were ALL brand new, majority even had the tags on them. We are doing cloth nappies, but it is personal opinion. I noticed huggies are nearly $45 a box, but I am sure there are other brands of disposables that are just as good and a lot cheaper. Baby wipes-we are only using when we go out, we will use face washers whenever we can. Each grocery shop we put 1 baby item in the trolley (as in baby wash etc) because I didn't realise these are quite expensive really! If you are low income you will probaby get a healthcare card, rent assistance, and the family tax a or b (I don't know how these work) so it is worth checking these out.Have your baby shower earlier if you can than right before due date so you know what you do and don't need to buy. Tell whoever is organising it that you want (for example) a car seat and ask for people to put $$ towards it. Plus don't buy many 0000 sizes. We only have about 5 growsuits in 0000. Small things like baby socks, $5 a pair for some I noticed, I bought 30 pairs from newborn to 1yo on ebay for $16 and half of them are new, same with bibs, they are expensive, I got about 40 bibs for $10 (both including p&h). Babies don't have to be expensive. We have budgeted and I am now able to take 12months off work and we should hopefully be stress free during this time $ wise. Good luck, it can be done.