What are some of the impacts to my Money Position I will need to consider with kids?

Kids are expensive, but the best things in life. What are some of the big impacts to your Money Position hyperlink that need to be considered on both income and expenses when you have kids?

Big expenses to prepare for:


  • This may be as big as your home, or a new car.


  • When they are young, if you go back to work and do not have family help, creche, nannies and au pairs all cost money and these costs add up. As your kids grow, choosing between public and private schooling is another big expense that needs to be discussed and considered

Children’s activities and birthdays (theirs and their friends)

  • Music, sports, etc. These add up and accumulate with age. Often costing ~$20 per session, payable over a term
  • Ad hoc activities that add up e.g. zoo, LegoLand
  • Tip: often the best activities don’t cost anything, my kids absolutely love exploring new parks and playgrounds


  • You start paying for airplane tickets once your bub turns two
  • As your family grows, you may need to consider larger/interconnecting rooms
  • Tip: check air bnb, kids also love to camp as a cheaper alternative!

Things to consider about your income:


  • this links with childcare – will you both work? in what capacity?

Government benefits

  • What parental leave and childcare benefits are you eligible for?

The earlier the better when considering these questions to maintain financial fitness throughout parenthood.