Family finances

Get help with family budgeting, childbirth costs and prepping your family's financial future.

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By

Gary Ross Hunter

Updated

Fact checked

Key takeaways

  • Australian parents average over $41000 in savings before their first child, plan accordingly.
  • Raising a child costs between $159120 and $548500 over 18 years, impacting long-term budgets.
  • Average annual secondary school tuition ranges from $599 (government) to $15273 (independent) in NSW.

I’m planning a family

Get ahead with saving, the cost of going public vs private and other important stuff. Future you will be grateful.

Did you know?

  • The average parent has just over $41,000 in savings before having their first child.
  • Australians spend an average of $726 for childbirth in the public system, compared to $2,400 with private health insurance.
  • Only 15% of gen Z parents opt to go through the private system.
Extras Cover
Health Insurance

Cost of childbirth in Australia: Public vs private costs

Prenatal care in Australia is covered by Medicare, meaning it’s mostly free through the public system. You can choose to go private, which comes with a lot of benefits – but there are out-of-pocket expenses to watch out for.

Super Funds

Super on paid parental leave

Going on parental leave will impact your super. Here are the rules for super on parental leave and how to look after your super balance while you're off work.

I’ve newly become a parent

Find out about the biggest expenses (and how to keep them low), get help with budgeting and more.

Did you know?

  • It costs the average family $159,120 to $548,500 over 18 years to raise a child, according to government data.
  • Most parents open a savings account for their child when they're just 1 years old (18%).
  • Parents feel more bill stress (45%) when it comes to rent and mortgage payments compared to non-parents (31%).
  • Families with 3 or more kids can expect to pay $124 more on average every quarter for electricity than households with no kids.
Savings Accounts

Finder Parenting Report 2023

From pocket money to personal loans, Finder’s Parenting Report investigates how Australians are raising their children in 2023.

I'm planning my family's financial future

Wish your parents spoke to you more about finances as a kid? Get help building healthy financial habits with your children, plus get tips for sorting money with your own parents too.

Did you know?

  • Australian children can expect to receive $33,278 towards a first home deposit.
  • More than half (57%) of parents have given their children access to a savings account.
  • 34% of parents with 3 or 4 children say they are currently extremely stressed with their current financial situation.
Budgeting

Budget planner: win at money

Use our free budget planner template to create a personalised budget to track your expenses so you can spend less and save more.

Gary Ross Hunter's headshot
Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise
Gary Ross has written 572 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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