There’s no exact dollar figure that signals you’re ready for children — but financial preparedness can significantly reduce stress and help you focus on what matters most: your growing family.

? Planning for Parental Leave

Whether one or both parents plan to take time off, you’ll need to account for lost income. A financial planner helps you:

• Estimate total income loss during maternity/paternity leave.

• Identify any employer-paid entitlements and government benefits (e.g., Paid Parental Leave, Dad and Partner Pay).

• Build a buffer or “baby fund” to cover 3–6 months of living expenses without dipping into debt.

? Childcare and Ongoing Costs

From daycare to medical costs, raising a child in Australia costs thousands per year. An adviser can help:

• Estimate weekly childcare costs after rebates (e.g., Child Care Subsidy).

• Integrate new expenses (nappies, formula, baby gear) into your cash flow.

• Compare the cost of returning to work full-time vs part-time after factoring in tax and childcare.

? Health Insurance and Hospital Cover

Depending on your plan, you may need to upgrade health insurance to cover pregnancy, obstetrics, and paediatric care. This often comes with a 12-month waiting period, so planning ahead is essential.

? Life and Income Protection Insurance

Bringing a child into the world means others now rely on your income. A financial planner will assess:

• Whether you have enough life insurance to protect your partner and child if something happens to you.

• If income protection makes sense to safeguard your salary during illness or injury.

? Future-Proofing: Education and Lifestyle

Even if private schooling isn’t on the cards, costs like uniforms, tech, excursions, and tutoring can add up. Some parents start an investment account or education bond early, letting compound growth help ease future pressure.

? Estate Planning Essentials

It may feel grim, but naming guardians for your child and having a valid will and enduring power of attorney are crucial once you become a parent. Planners work with legal professionals to ensure your wishes are properly documented.

Bottom line?
You’re never completely ready for kids — but understanding the financial impact in advance gives you confidence and clarity. A financial planner helps turn “can we afford this?” into a structured plan that supports both your family and your financial goals.