New parents put finances on back burner

Having a child is one of the most exciting times in any couples lives together but it can also be very stressful with the time involved looking after a new baby. Often the focus is all on the baby and issues such as finances get put on the back burner.  About Finance director Karen Bruce says while families may take a 'we'll be right' Aussie attitude the reality is they may not be if they don't plan their finances properly.

While some issues can wait in the earlt days of having a child, it's important to think about the financial implications before the child is born.  Setting up your home for a baby and the cost of all the supplies and equipment can add significant amounts to your monthly budget. On top of this you may be trying to survive off a single income when you've been used to two incomes and no kids.

By planning your finances you can focus on paying down credit card debts and loans before the baby is due and also get used to living off a budget that allows you to account for your new income levels and increased outgoings.  If you have extra income before the baby arrives and your on a dual income you can also try to create some cash reserves with a high interest savings account.

You can also dave money by making use of sites like Ebay for second hand cots, pushchairs and equipment as well as local facilities such as toy libraries and hand me downs from friends and family.

Making your finances come as a priority when you have a child will be doing yourself a favour and help your family over time. Without the stress of financial worries can can be more focussed on the important things and enjoy the early years of your childs life without more stress than you need.