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Estimated reading time
5 minIn this article
- From sharehouse, to our house
- There’s no one-size-fits-all
- Choose value
- C is for Career
When you’re planning to welcome a new human into your home, you might feel like everything in your life is growing - except your bank balance.
It doesn’t matter if it’s your first, or your fourth, there’s always more food, more furniture and more future costs to prepare for. But what if there was a way to raise a kid, while also raising your financial wellbeing?
We uncovered some of the biggest costs of parenthood, and dug deep into the most common fears people have about investing in their family and their financial future at the same time.
Here are 4 ways to say hello to your bundle of joy, without having to say bye to your financial resilience.
From sharehouse, to our house
The opportunity:
Whether you’re buying your first house, or looking for a bigger space to accommodate more kids, the cost of a new family home is always a big one.
The solution:
Think of your house not simply as a cost, but as an asset - one that will likely grow in value as your family grows too. What you really need in a forever home is important – do you want to be near a specific school? Are you planning on having more kids down the track? Could you renovate for less money instead of buying bigger? Don’t just think about what it is, think about what it will become.
There’s no one-size-fits-all
The opportunity:
No two baby budgets look the same. Some parents may be working from a combined income, while others are going it alone. Some need to factor in fertility planning, adoption fees or complex medical buffers. So, it can be hard to know what to expect based on generalised advice.
The solution:
Talk to people who’ve been in similar situations to you about the costs they incurred, or find resources tailored to your circumstances. The more complex your budget, the more helpful it can be to have a community on board – whether that’s a forum, a family or a financial planner to help ease your fears and plan the way forward.
Choose value
The opportunity:
There’s no getting around it, humans can be expensive. And while hand-me-downs are a great way to lower your expenses, they won’t always be available or good enough. So what’s the most cost-effective way to stock up on the necessities?
The solution:
Especially when it comes to big costs like prams and furniture, think about buying items that will hold their value. This way, you might be spending a little more up front, but you’re buying things that you can make money back on in the future (or be used again and again).
C is for Career
The opportunity:
When it comes to work-kid balance, there’s no one way about it. Every person has their own dreams, preferences and ways of working. Some people hustle through their 20s and 30s in order to afford a home life thereafter. Others don’t see kids and careers as mutually exclusive.
The solution:
Whatever path you choose, it can help to know where you’re going. Knowing your goals and aspirations can help build a budget that allows for your dreams to come true. For example, do you plan on studying at some point? How is your income likely to change over time? Do you have other people to lean on for childcare, or is that a cost to consider? Knowing what the road looks like can make it easier to walk down it with a spring in your step.
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