The Cronin family from Goodna talk about budgeting and preparing their finances ahead of new arrivals.
The Cronin family from Goodna talk about budgeting and preparing their finances ahead of new arrivals. Claudia Baxter

Baby boom isn't cheap

EXPECTANT Ipswich families are being urged to financially plan ahead before their bundle of joy is welcomed into the world.

More than 2500 babies were delivered in Ipswich last year, 3% more than in 2010.

The added costs of a baby can put an unnecessary strain on a family if they underestimate the expenses associated with a newborn, according to Suncorp West Brisbane regional manager Dan Dredge.

"The cost of medical bills, food, clothes, change tables, nappies and prams can add up to a small fortune," he said.

The Cronin family of Goodna grew to seven with the arrival of twins Oscar and Kieran.

Parents Heather and Mick's experience of raising three children put them in good stead to financially plan for the new additions.

Mrs Cronin said the twin's weekly cost for nappies and formula was $50 a week.

The family outlaid $600 for a double-decker pram and $80 for a rocker, and avoided expensive medical bills by using the public health system.

Mrs Cronin said purchasing the baby essentials while the family still had two incomes eased some of the financial strain.

"You just have to sit down and think about expenses you are going to have and how you are going to plan for them before you stop work. And you can always find out what benefits you can get from Centrelink," she said.

The Cronins were already in the process of moving when the twins announced their arrival, but it forced them to buy a bigger house and car.

"As soon as we found out we started planning, especially when we knew there were two.

"What have we got and what do we need? Those questions come early and we were lucky enough to get most of the big stuff before the due date."

Mr Dredge's advice echoed the Cronin's own experience.

Investigating your eligibility for the federal government's paid parental leave scheme was a must.

Baby Bonus

  • A baby is born every 107 seconds, according to the Australian Bureau of Statistics.
  • In Australia over 300,000 babies were born last year.
  • Families should have a year of rent or mortgage repayments banked.


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