How much money for a baby?

Question

Money for having a baby?

Baby payments in australia?

Hi i live in australia and plan to get pregnant next year. Just wondering what sort of payments coould i be eligible for? I currently have private health cover. My partner and i earn a combined income of arround $80,000 per year. We are currently renting a property $200 a week.

Will we still be able to get the baby bonus? What about rent assitance or family payments? I plan to quit work when baby arrives (only one income then) what sort of payments are we then eligible for as we would only be getting around $50,000 a year - then we would want to pay $570 a week back on a morgatge when we get it.

Is it possible to have a baby and live off $50,000 a year covering $570 a week for mogatge and putting aside money for all our bills?

Answer 1

me and my bf only make about 20k a year and we make it i would love to make 50k a year

Answer 2

Well, I don't know the currency exchange or the prices of things in Australia, but here in Canada, you don't get a baby bonus until the baby is born, and it's only if your combined income (if you're with your partner) is under a certain amount, and that goes by your last filed taxes. Combined, my husband and I make about $47 000. But I wasn't working when I was pregnant and when I had my daughter, so we were making $40 000 a year.

When I first had her, my last filed taxes claimed I had only made slightly over $1000 in the last year, so my baby bonus was $363, but once my next taxes for 2006 went through, it dropped to $203.23. It's due to change again next month.

The more you make, the less likely you are to get a baby bonus. The maximum here is $366 a month, this includes the $100 child care benefit.

Anyway, it will be a struggle having to readjust finances whatever amount you make. It was a struggle for us at $40 000 a year. My husband makes $22/h, but we also don't pay rent or mortgage. But it is absolutely possible to raise a child on $50 000 a year. Many many families make only $30 000 a year or less and still manage. It's just a matter of properly readjusting finances. Bills will still get paid and the baby will still be supported.

If I can give any advice though, be sure to set aside an extra $100 every month, if you can, as an emergency fund. If something comes up where the baby needs medical attention, or need emergency diapers, it's always good to have on hand if you don't have the money for it at the time. Also, start saving now, and start a $1000 education savings fund for when the baby is born. You can also set it up to have the savings company to take $50 a month from your bank account for the education savings plan. It would be like it was $50 you didn't have, you won't see it, you won't miss it, and your child will thank you for his/her education in the future.

Good luck!!

Answer 3

its free if you kill the mother

Answer 4

I wonder if your first answerer is confusing Australian dollars with pounds sterling ????

Anyway, just reading your question makes me grateful for our NHS in the UK.  

But with regard to general living costs, I don't think you can lay down any hard and fast rules.  People on all levels of income have babies and if we waited until we could afford it we would never do it.  Good luck.  And remember, the number of people in the TTC section are proof, if any is required, that pregnancy doesn't always come when desired anyway.

Answer 5

You will still be eligable for the baby bonus, however it will be paid to you in installments over 6 months. My partner and I are currently living off one income and we receive 330 a fortnight in family tax and almost 400 in parenting payment. It all depends on how much your partner earns though. Im pretty sure that the minimum family tax payment is 160 a fortnight. Included in our family taxt payment is 130 in rent assistant, we pay 260 a week in rent.

In Australia everyone who is earning an income under 150,000 dollars a year recieves the full baby bonus, which as of the 1st of july this year will be 5000 dollars. Everyone also recieves a payment of 600 dollars per child at the end of every financial year.