Baby steps for new parents

Starting a family, or planning to start a family, can be a joyous and exciting time. But make no mistake, it can also be a challenging time and an emotional rollercoaster. To help smooth the journey it is important to get on top of your day-to-day finances early. Studies have shown that at a minimum it costs more than $300,000 for two parents to raise two children up to the age of 17. And if you plan ahead these costs won’t be as daunting in the longer term.

When couples or singles approach a financial adviser about starting a family, three common questions arise: Can we/I afford to have a baby? What benefits are we/am I entitled to? And what does our/my financial future look like?

Renee Tang, a Newcastle-based financial planner at First State Super, says there’s not a common answer to these questions as every person’s situation is unique. However, a good financial planner will not only answer these questions, but dig deeper to better understand where you want to be in the