Parents are masters of time management. They have to be. There is always so much to do.
You may think you don't have time to think about money when you've got so many other things to juggle. But the good news is, if you take a little time to keep your money under control as your life changes, it will really pay off when it comes to meeting your children's needs (and yours) as they get older.
It doesn't matter how old your children are - or even whether they've been born yet! Understanding your money will pay off whether you are going to your first ante-natal classes or planning to help your teenager buy his or her first car.
 | The bottom line - There is a lot of help available for families. It pays to find out all you can about assistance and services you may be entitled to.
- Help your children learn good money habits. Teach them by example. Show them how you budget, plan and save.
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Government assistance for parents
When you have your baby, you should receive a package at the hospital, which will include claim forms for government assistance you may be entitled to once you are a parent.
The Australian Government currently pays eligible mothers a Maternity Payment. You may also be entitled to other benefits such as Family Tax Benefit, Child Care Benefit, Parenting Payments, Rent Assistance or a Health Care Card. Your eligibility will depend on your income and assets. See More information.
Parental leave
Many parents are able to take time off work to care for their newborn and during the first year of the child's life. Parental leave may also be referred to as maternity leave (for women) or paternity leave (for men).
Parental leave is available to permanent full-time and part-time employees, including employees not covered by industrial awards or agreements. It may also be available to casual employees under the terms of their industrial award or agreement. Paid maternity leave is also offered by many employers. See More information.
Superannuation
Superannuation contributions paid by your employer on your behalf will stop when your pay does. Remember to allow for anticipated periods out of the workforce when you plan your long-term superannuation goals.
If you hold life or disability insurance cover through your superannuation fund, check whether it will continue if your employer stops making contributions.
Insurance
If necessary, shop around for a life and disability insurance policy that suits your needs. Ensure you have adequate insurance cover to give your family security if you are no longer able to support them financially for any reason.
Also consider whether you have enough insurance for your home, contents and other assets.
Childcare
If both you and your partner are planning to return to full or part-time work soon after the baby's birth, you will need to consider your childcare options early.
Some families may have the option of childcare provided by relatives or friends. For others, childcare may be provided by a childcare centre or family day care worker.
Costs, conditions and waiting periods vary considerably and your local council may be of assistance. Some workplaces offer childcare onsite and for others, a nanny at home is a viable option. Government assistance is available, depending on your circumstances.
Take control of your money
If you are preparing for the birth of a baby, will your income reduce for a time while one or both of the parents take time off work? You will need to plan how to meet your everyday living expenses, including your new baby's needs.
As your children get older you may be able to afford more if you go back to work and careful planning will pay off as your children grow. The older they are, the more they cost to feed and entertain. You may need childcare and when they go to school, you will more than likely find more expenses to take care of.
It will be easier to control your money and look after your family's future if you keep your budget up-to-date as your children grow. See Budgeting.
The future
See how Saving can help you afford to take your children on holidays, or cover the cost of Christmas. The toddler who pushes around toy cars today will get a driving licence one day. Take control of your money now and in 15 years you could help him or her buy their first car.
It helps to talk to your spouse or partner and plan your financial future together. Let your children hear you talk about money. When they are old enough, include them in the conversation. The lessons they learn from you when they are small will help them all their lives. See Families and money.
More information
There's a lot more that you can find out. See More information.