Step 1: Budget out costs

Get a clear idea of what new expenses you’re going to be taking on by estimating the costs of the following:

  • Medical (giving birth and ongoing appointments)
  • Nursery setup (cot, changing table, baby chairs)
  • Car seat
  • Stroller/pram
  • Nappies 
  • Food and formula
  • Childcare 
  • Clothes.

Step 2: Start a savings plan

Based on your current budget, determine how much you can save a month to help you afford the costs above. Once you know how much this amount is, you can use our Savings Calculator to figure out how long it will take you to reach an end goal.

Remember that you may not have the same income after the baby is born if your partner or yourself is not returning to work for a while.

If you also already have a CommBank home loan, check for ways it may be able to support you with your growing family. 

Step 3: Check your entitlements

If you’re an employee, you may be entitled to paid parental leave from your employer and/or the government.

You may also be eligible for other benefits from the government like Child Care Benefit, Parenting Payment, Rent Assistance or a Health Care Card. Call the Department of Human Services on 13 61 50 to find out if any of these can apply to you.

Step 4: Look at long term

Over time the costs of caring for your child will change. Start thinking early about bigger expenses like education and a family home so you can begin saving early on. Putting small amounts of money away now can make a big difference further down the line.

Try our budget and saving tools

Tell me more

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.