A new child is one of the most significant financial events in a person's life — not just because of what it costs, but because of what it means for your income, your insurance, your super, and who you're building a future for.
Most expectant parents focus on the immediate costs of having a child — and there are plenty. But the financial impact of starting a family runs much deeper than a changed budget. Your income may drop during parental leave. Your insurance needs change overnight. Your estate planning, if you haven't done it, becomes urgent. And your superannuation, already a long game, becomes even more important to protect.
Geoff works with new and expecting parents to address all of these areas before and after a child arrives — building a financial plan that accommodates the new reality while staying focused on the long term.
Parental leave — whether government-paid, employer-paid, or both — rarely replaces a full income. Understanding your actual cash flow position during the leave period, and planning for it in advance, avoids the financial stress that comes from an unexpected shortfall.
There are also planning opportunities around how leave is structured, particularly in households with two incomes. The timing and sequencing of leave can have tax and super implications worth considering beforehand.
Super contributions stop or reduce significantly during parental leave. While this is unavoidable in the short term, there are strategies to make up the shortfall — including spouse contributions, government co-contributions, and catch-up contributions once income resumes.
This is also a good time to review your super investment strategy. A new child changes your risk profile, your time horizon, and your financial obligations — your super should reflect that.
If you don't have life insurance and income protection before a child arrives, you need it immediately. The moment you have a dependant, the financial consequences of your death or inability to work change dramatically. We help new parents understand what cover they actually need — not just what they've been sold through super — and put the right structure in place.
If you don't have a valid will, having a child is the moment to get one. You need to document who would care for your child if something happened to both parents, how your assets would be distributed, and who you want managing things on your behalf.
You should also review the beneficiary nominations on your superannuation. Super doesn't automatically form part of your estate — without the right nomination in place, it may not go where you intend.
There are a range of government payments and entitlements available to families with children — including the Family Tax Benefit, the Parental Leave Pay scheme, and others. Understanding what you're eligible for and how your income affects those entitlements is part of the picture. We can help you navigate this alongside your broader financial plan.
Talk to GeoffA straightforward conversation with Geoff could give you more clarity than years of going it alone. There's no obligation — just honest, practical advice from someone who's been doing this for over two decades.
