Expectant parents 'should put a budget together'

Mozo

Monday 15 March 2010

Expectant parents should take steps to ensure they can cover the wide range of costs that come from having a baby, an expert has said.

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MyBudget director Tammy May told the Courier Mail that the loss of income that occurs when one parent has to take time off work can be one of the biggest causes of financial stress following a birth.

She noted that people can be hit by a range of hidden costs and advised expectant parents to have a financial plan in place. This could require them to compare savings accounts in search of the best returns for their money.

"Nobody is 100 per cent ready to have a baby. It’s really important to put a budget together, and don’t fall into the trap of using credit cards and getting further into debt," said Ms May.

According to a recent poll for Westpac, almost half of all couples argue over money – and finance feuds are on the rise.

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