Checklist for new Parents

Congratulations on the arrival of your new little bundle!

If it’s your first, there’s a veritable litany of emotions going on… and yes, nothing will ever be the same again.  If it’s another new addition to your family, guess what?  Same applies!

But amongst the joy, happiness, sleepless nights, never ending nappies and the finding of a semblance of normality again, it’s easy to overlook some important things that need to be taken care of.  Here’s a few that you may want to work through…

1.  Add bub to your Medicare card.

You’ll need to complete a Newborn Child Declaration form (usually provided by the hospital) or complete a Medicare Enrollment form with supporting docs including proof of birth – and no, the stretch marks don’t count!

2. Add bub to your Health Insurance

If you have private health insurance, you’ll need to call your provider to let them know about your new addition.  They’ll let you know what’s needed to add baby to your cover.  It’s also a good time to review your levels of cover and see if you have what you need.  The couples cover that was just right for the two of you, likely wont cut it for boisterous toddlers.

3.  Review the Life Insurance!

It’s probably the last thing you want to think about, but reviewing your levels of cover is pretty important.  You may have previously taken care of debt with a bit left over for your partner, but now you have twenty years worth of health and education expenses to also account for should something happen to a parent.  Chat with an adviser if you’re unsure of how to work it all out.  Cover can be funded personally or via your superannuation plan – the options are worth considering, especially if there’s only one working for a period of time.

4.  Adjust the budget

If you haven’t already made adjustments for the loss or reduction of income, now is a really good time to review that.  With only one income or reduced cash flow it may be time to cut back on some expenses, but others will be going up.  Your fried brain may not want a reality check, but it could stop some reckless or unnecessary spending.  Babies don’t actually care if they have the latest cot or pram, but your budget should!  You may also be surprised at the level of love and hand-me-downs that head your way too.  And for those who ask what you need, be practical!  Nappies, wipes, consumables or a prepared meal all go a long way to helping out.  Family may even want to help and pitch in for the bigger ticket items.

5. Childcare expenses

At some stage, the new little love of your life will likely need care and it’s good to be prepared and know what’s on offer.  Are you happy with the services in your neighborhood?  Is family day care available?  Ask some parents with older kids in care and see if they’re happy with the centres they use… and try and get your head around the Centrelink offers if you’re eligible.

6. Education costs

And guess what, the expenses don’t stop when you’re out of childcare and heading to school.  Even if you choose state based education, you still need to fund books, uniforms, excursions, donations and tuck-shop treats.  It’s good to start stashing away for this early.

If you’re wanting a private education, you may need to put the future Prime Minister onto a waiting list from birth.  Starting to save for the costs early is vital.  Knowing what the fees are, and add ons can help you plan from now.

And do you want to mix it up?  Public school for the early years and private school later?  Who knew there was so much to prepare for?

7.  Estate Planning

And don’t forget the Will.  Chances are you might want to include the little people if something were to happen to you and your partner.  Speaking with a professional can be vital if your situation is a little complicated too.  If you’re no longer with the parent of your children but want to provide for them, make sure your Will takes care of your wishes.  That way, your voice from the grave will have a much greater chance of being heard… and acted on.  But then, there’s also assets that don’t go through the Will such as superannuation or your jointly owned family home, and you need to understand where these assets will end up too.  You also likely need to appoint a guardian for your wee bairns should something happen and that’s a decision that needs careful thought.

But don’t let it all overwhelm you.  One thing at a time and it’ll all get done… eventually.

In the meantime, enjoy every smile, treasure every cuddle and know that it’s completely ok to regularly fall apart.  Nobody else has it completely together either… despite what their Insta feed says.

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