CHILDREN BY CHOICE ASSOCIATION INCORPORATED

Finance Issues in Raising a Child

A new family member will definitely mean added expenses. It is important to think about the costs associated with raising a child and your capacity to meet these costs. Having a new family member may impact on your income from work, such as reduced working hours, managing child care, living on a single wage and superannuation.  Your general day-to-day living expenses will also change, including food bills, clothing and education costs.  If you don't currently keep track of your dollars in and bills out, start writing these down and try mapping out a budget.  Understanding Money is a government website with lots of tips.

If you require assistance, there are a number of places you can contact:

Firstly, Centrelink provides payments to parents in many different circumstances for a variety to reasons. Payments available during pregnancy and parenting can include Family Tax Benefits A and B, Maternity Allowance, Maternity Immunisation Allowance, Child Care Benefit, and a Parenting Payment. For more information on the assistance you may be entitled to, it is best to speak to someone from Centrelink.

Secondly, if you are not living with the man involved in the pregnancy, you may be entitled to Child Support. Child Support is a payment made to the parent who is responsible for the ongoing daily care of the child by the other parent. You can arrange how much is to be paid and when between yourselves as parents, or you can arrange for the courts or the Child Support Agency to formalise this agreement for you. To get an understanding of the amount of support you may be entitled to, contact the Child Support Agency.

The Family Assistance Office manages the one-off Maternity Payment (commonly referred to as the 'baby bonus'), which many women who have recently given birth will be eligible to claim.  Eligibility requirements include Australian residency, and lodgment of the claim before 26 weeks after the birth of a child.

Finally, if you think you could benefit from support or counselling to assist you with your finances, the following resources may assist you: 

Commonwealth Financial Counselling Program (directory of services throughout Australia)
Women's Infolink (information and referrals)