Financially planning to start a family in Australia [👶🏼 Family Finance]

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Nov 27, 2024

Siobhan Ashby, a seasoned financial advisor from Northeast Wealth, offers invaluable insights for families planning to start their journey in Australia. The discussion dives into the financial costs of parenthood, like maternity leave and choosing between public and private health options for childbirth. Personal anecdotes reveal the emotional and financial challenges of budgeting for a family. Siobhan emphasizes early planning and seeking professional advice to navigate these complexities and ensure financial security.

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ANECDOTE

Unexpected Car Purchase

Mitchell Sneddon's most unexpected expense was buying a car.
It was needed for baby-related appointments and shopping trips.

ANECDOTE

IVF Expenses

Phoebe Kohler's biggest expense was IVF, costing $100,000.
This significantly impacted their financial plans.

ANECDOTE

Private Health Costs

Siobhan Ashby was surprised by the high cost of private health insurance for birth.
Obstetrician fees are additional, totaling around $10,000.

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Are you financially planning to start a family in Australia?

In this episode of our Family Finance Mini-Series, Mitchell Sneddon, Phoebe Kohler, and financial adviser Siobhan Ashby discuss the financial costs involved in having a child, including the cost of maternity leave, public vs private for the birth and parental leave.

We want to hear what you think! Jump into the Rask Community to share your money savings tips.

Get in touch with a trusted financial advisor like Siobhan here!

Series resources

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

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