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Grow my family

It’s never too soon to start saving for your family’s future

How to manage the cost of kids

So you’ve decided to expand your family of two to three (or more). Before you get stuck into paint choices for the nursery, it’s worth taking some time to think about your finances. Some financial planning now helps you understand the costs involved with growing your family. This means you can avoid any unexpected financial surprises by starting to plan for them.

What to think about financially

There are plenty of decisions to make around growing a family, from choosing names to where to live. You also need to decide the sort of life you’d like for your family and how much money you may need. Things to consider include: 

  • your income and how it might be affected when you have children
  • the cost of childcare and education
  • how much insurance you’ll need
  • medical costs.

The costs of bringing up children

Without mentioning the shopping list you’ll need for your growing family (think car seat, cot, high chair, pram, nappies…), there are other costs to consider when planning your family budget. We’ve picked two of the major ones: childcare and education.


There are options to explore when it comes to childcare if you and your partner would like to continue to work once your littlest family member arrives. Childcare options include:

  • partners, relatives or friends - This could save you a lot of money if you have this support.
  • childcare centres or daycare - There are plenty of different types to research, including teacher-led or parent-led centres. The best way to do this is to visit the centres in person to check them out. Bear in mind that most centres will have a long waiting list so put your name down as soon as possible when you find one you love.
  • nannies or au pairs
  • at-home educators.

20 hours Early Childhood Education

The government subsidises all children (from the age of three) who attend Early Childhood Education (ECE). They’ll fully subsidise up to 20 hours a week of your child’s ECE.

Childcare Subsidy

The government also provides a Childcare Subsidy benefit that helps families with the cost of pre-school childcare. This is income dependent. You can find out more at Work and Income’s website


You’ll also need to start thinking about saving for your children’s education. Their education costs will depend on whether you want to send them to a private or state school.

With private schools, you’ll have their annual school fees to pay while state schools are much cheaper. However, whichever type of school you choose, you’ll still need to pay for school uniforms and class trips.

University study

Once your children have finished secondary school, you may then have their university study to fund - from fees and course-related costs (like textbooks and materials) to living costs. A Student Loan is available from the government to help your children finance their study.

The earlier you start saving for your children’s education, the better. Education costs are usually a long-term goal that can take a few years to reach.

Start saving for their tomorrow, today 

Putting a regular savings plan in place makes great financial sense - regular savings can add up. Talking to an Adviser can help you decide the right savings plan for you.

They’ll bring the right knowledge, expertise and guidance to help you plan for your family’s future in the most effective and useful way. Your Adviser will be able to create a plan for you, tailored to your own needs.


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Important information

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The content provided is intended to be used as information only and does not constitute financial advice. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.