Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we go behind how to financially prepare for the arrival of a baby. We explore everything from understanding parental leave entitlements and modeling cash flow changes to budgeting for upfront and ongoing baby expenses. We share practical strategies like using half-pay to stretch income, adjusting emergency funds, and planning for unexpected costs like childcare. We also emphasize the importance of reviewing insurance coverage and estate planning to protect your growing family. Ultimately, we reflect on how flexibility, mental preparedness, and temporary financial pivots are key to navigating this exciting yet vulnerable life stage.
Tune in to this episode to gain practical, real-world financial tips that will help you confidently prepare for the life-changing journey of becoming a parent.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
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Understanding government and employer parental leave entitlements
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How to calculate and prepare for changes in household cash flow
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The benefits of taking parental leave at half pay to extend financial support
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Creating a realistic baby budget: upfront vs. ongoing costs
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Why an emergency fund needs to grow when a baby is on the way
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The importance of reviewing life, trauma, and income protection insurance
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Planning ahead for childcare and education expenses
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When and why to update your will, guardianship, and beneficiaries
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The psychological impact of temporary financial setbacks—and how to cope
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Practical strategies for staying flexible and financially resilient during big life changes
