Parenthood marks a significant milestone in life, and like every crucial life event, it requires careful planning and preparation, especially when considering parental leave.
You wouldn’t venture into a dense forest without a map, so why embark on the journey to parenthood without a plan?
Follow our roadmap for preparing for parental leave to make your transition as easy as possible… Are you ready, get set, PARENT!
In Australia, if you are a permanent employee (full or part time), you are generally entitled to 12 months of unpaid parental leave.
However, each employer will have distinct parental leave policies and benefits. To fully understand these, engage in open dialogues with your HR department early on. By discussing and negotiating your leave terms in advance, you’ll have ample time to adjust your plans accordingly.
Be aware of your rights and what you’re entitled to during this period. The Fair Work Australian website has a range of information on employee parental leave entitlements, which you can find here – https://www.fairwork.gov.au/leave/maternity-and-parental-leave.
Financial management during parental leave is a critical factor often overshadowed by the physical and emotional preparation for a new baby.
Budgeting and saving ahead of time can mitigate the financial stress associated with reduced income during your leave.
Also, make sure you’re taking advantage of any available government assistance designed to help with the cost of raising a child. The Services Australia “Raising Kids” website has information about the available payments and services – https://www.servicesaustralia.gov.au/raising-kids.
Parenting, though rewarding, is not without its challenges. Having a reliable support network can make the journey smoother.
Your support network could include family, friends, or professional services like parenting support groups or counsellors.
Don’t underestimate the value of having someone to share experiences, seek advice, or even lean on during tougher days.
Adjusting to life as a new parent can be both exhilarating and overwhelming.
The emotional and psychological adjustments you experience are just as important as the physical ones. Be sure to take care of your mental health and wellbeing and don’t be afraid to seek professional help if needed.
Returning to work after leave can also bring about mixed feelings. Remember there is no right or wrong way when it comes to parenting, only what’s right for you. Plan for this transition and openly communicate your needs with your employer to alleviate any undue stress.
The arrival of a baby signifies a change in your financial circumstances and responsibilities. It is imperative to update insurance policies and estate planning documents to account for these changes.
This may involve adding your child to health insurance policies and your Medicare Card, increasing your life insurance benefit amounts, updating beneficiaries, and writing, or making changes to, your will.
As tedious as paperwork may be, it’s a crucial part of ensuring your child’s future security.
Planning, communication, and support are the cornerstones of a smoother transition to parenthood. While the journey might seem daunting, with proper preparation, you will be able to enjoy this special time with your new arrival.
So, take a deep breath, tick off each item on this roadmap, and embark on this beautiful journey into parenthood with confidence and excitement.
You’re about to become a parent! Congratulations!
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)