10 Financial tips for before and after children

What should you do financially before and after you have a child?

Pre birth

Private Health Insurance – if you want to use a Private Hospital you need Private Health Insurance (including pregnancy) at least 12 months before the child is born (some insurers are longer). Yes, this means signing up well before…

Centrelink check whether you are eligible for a payment!

  • Parenting payments (lower income earners), Parental Leave Pay (you have worked and earn less than $150,000p/a), Newborn upfront payment, Dad and Partner pay, Family Tax Benefits.
  • Confirm with Centrelink for any payments after the birth.

Post Birth

  • Register with Births, Deaths and Marriages – you are required to register your baby with your state department (Victoria). They issue a birth certificate which you will need.
  • Register for Medicare – add to your Medicare. You need your baby on your Medicare number to claim the Medicare rebate on GP appointments.
  • Add your baby to your Private Health Insurance policy – if you have a family policy this shouldn’t cost extra. Ensure bub is covered by the policy.
  • Open bank account for your child – this is an easy way to start saving for them. Many banks offer a fee free account. In 2017, Westpac offered an account where they added $200. If you are lucky sometimes family members may give you cash (or grandma might give a cheque) for the baby, it’s best to have a separate account for the child so the money is saved for them.
  • Start a savings plan – can you afford to deposit $10 a month into their account, or maybe a little more. The miracle of compound interest will turn this into a reasonable amount by the time they are 18.
  • Start an investing account for the child – now you have a bank account accumulating (and interest rates are low) you should consider buying an investment(s) for the child.
  • Be thrifty! Buy a good pram. You’ll use it a lot. If you are planning on 2 children consider buying a double pram to save having to buy a second pram. Buy/share second hand clothes. The babies grow out of them so fast. You need so many to cover the 10 changes a day. If you buy all new clothes it’ll cost a lot.
  • Cancel Pregnancy cover in Private Health Insurance policy – if you’ve had your last child cancel the pregnancy part of the cover to reduce the premium.

5 Extras tips to do for your child

  • Child care – if you need child care apply now for next year (or apply before they are born). The great child care centres are hard to get into. There are some great not for profit centres which are substantial less expensive than the alternative.
  • Schools – if you want your child to attend a top private school apply now.
  • Saving for Education – start saving for the fees as the average increase for private schools has been 6% per annum compounding. Different ways to do this include, a separate investment account, a dedicated offset account
  • Memberships – if you are an MCC or SCG member and want to go to the footy with your kids put them on the waiting list!
  • Apply for a Passport – yes, your cousin is getting married in Thailand, take the kids and enjoy! It can take 6-8 weeks to obtain the passport so plan ahead.
If you are expecting a child or have a family already and want to know what the best options for you are, please contact one of our Financial Specialists today. Alternatively, you can complete your details below and we’ll be in touch or give us a call on (03) 9835 8200.


The information provided in this blog is general in nature. It has been prepared without taking into account any person’s individual objectives, financial situation or needs.

Before acting on any information in this blog, you should consider its appropriateness to you, having regard to your objectives, financial situation and needs or seek professional advice from a financial advisor.

About the Author
Tom Harris
Tom’s ambition is to provide the best client service he possibly can. He is passionate about his clients and strives to achieve the most fruitful financial position for them and their loved ones.
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