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Having to manage your own affairs can be hard enough, but having to deal with the extra financial burden of extra mouths to feed, backs to put clothes on, and brains to educate is even tougher. This article proposes basic tips for parents at all stages of a child’s life, from birth to the moment they leave the nest all together. It also gives tips on where you need to head for further financial advice for parents.
Before you have a baby, the ideal situation is to at least try and clear any debt such as credit cards, to loosen up more cash for when the baby comes. Getting the mortgage into step is a good idea, whether through prioritising paying it off, making extra payments or getting a more flexible loan.
It’s also always a good idea – if your situation allows - to invest for your child’s future by starting some sort of savings pool or, even investing in shares. Couple should also try and see what it is like living on a single income, if this is the path you are choosing. Many parents forget a sizeable proportion of income will be missing before it is too late!
You’ll also need to review your health care options and life insurance. Don’t forget there’s another person to be covered now! The same applies to the state of your will.
The government provides assistance to parents in various forms. If you take a visit to www.familyassist.gov.au, you can get further advice on whether you’re eligible for Family Tax Benefit A or B, as well as more information on the Parenting Payment, the Maternity Allowance and the Maternity Immunisation Allowance, and also Child Care Benefit should you require it.
With young kids, many mothers choose not to work due to wanting to spend time with their toddlers. Another reason for taking all of these financial benefits, however, is that if a mother (or a father) only chooses to work part time, it’s often not worth the money after the hourly rate of tax as well as child care money is taken into consideration.
There are a number of organisations around to help parents in areas including financial advice. It often pays off to contact your local council and see if there is anything running in your area. As well as that, sites such as www.learninglinks.org.au, www.learninglinks.org.au or http://www.childfriendly.org.au can be very helpful. Furthermore, a very useful forum can be found at Parents Pages forums. If you’re not familiar with forums, you just sign up with an Email address and read any topics that take your fancy. If there are non on financial advice up and running, you can start one yourself and seek the advice of other parents.
If your child is a teenager and you’d like more advice, a good place to start is the Department of Education, Science and Training at http://www.dest.gov.au/audience_segments/for_parents.htm.