Your leave timeline
First things first – how long do you plan to take as parental leave after the stork delivers your little bundle of joy? By this, we mean how long will the primary care-giver be taking leave for? Getting this locked down straight-up will help, as you’ll know exactly how long your finances may be impacted, and how long you’ll have to adjust your budget.
Depending on where you work, this could differ greatly from person to person. For example, if your employer only lets you take unpaid leave but reserves your position for you, you may decide to return to work earlier than someone whose employer offers 18 weeks at half-pay.
First things first – how long do you plan to take as parental leave after the stork delivers your little bundle of joy? By this, we mean how long will the primary care-giver be taking leave for? Getting this locked down straight-up will help, as you’ll know exactly how long your finances may be impacted, and how long you’ll have to adjust your budget.
Depending on where you work, this could differ greatly from person to person. For example, if your employer only lets you take unpaid leave but reserves your position for you, you may decide to return to work earlier than someone whose employer offers 18 weeks at half-pay.
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Know your living costs
If you haven’t done so in a while, get a clearer picture of your overall budget as it stands on full pay – knowing where your money goes now may help you identify some areas you can cut back easily if required.
If you haven’t done so in a while, get a clearer picture of your overall budget as it stands on full pay – knowing where your money goes now may help you identify some areas you can cut back easily if required.
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Brush up on budgeting
Maybe you havent revisited your budget in a while, or like many Australians, perhaps you've just never been taught how to accurately track where your money is going.
Maybe you havent revisited your budget in a while, or like many Australians, perhaps you've just never been taught how to accurately track where your money is going.