Having a baby
There are over 300,000 babies born in Australia every year.
Babies can bring allot of joy - but boy (or girl!) are they expensive!
Some studies have shown that babies in their first year cost between $10,000 to $15,000 in expenses plus the lost cost of income.
As babies grow, often financial obligations do too.
Moreover, often when women have babies this is the start of the $120,000 super gender gap. That is women (in 2016) retired on $120,000 less than men in their super accounts. Often women take time off work and return part time which means that less income -> less super.
There are a few ways for you to get financially empowered when you're having a baby:
1. Get things in order - clear the debts!
2. Save up for baby expenses and loss of income in first year (with a buffer)
3. Ask your partner (if relevant) to your super fund (and get this happening)
4. Create a forward looking budget - and live within your means!
5. Get your family protected - this means insurance & estate planning