Having a new baby is a life-changing experience – but it can also be an expensive one.

Fortunately, there is financial support available to help your family transition into this exciting new phase of life.

Here are some of the most commonly used, and what you need to know about them.

Best Start

Most families are eligible for Best Start payments until their child is one. Beyond that, it is available to families earning below a set threshold – just under $100,000 a year in 2024 – until the child is three.

The payment is $73 a week, although if you are also receiving paid parental leave, you will not receive the payments until your leave has finished. 

Paid parental leave

If you are your child’s primary carer and were in work before you had your baby, you may be eligible for paid parental leave payments.

Whether you are self-employed or an employee, you need to have worked an average of at least 10 hours a week for any 26 weeks in the 52 weeks before your expected due date or the date when you became the primary carer.

Paid parental leave payments are treated in the same way as wages so you pay tax on them, and student loan payments may still be taken.

How much you receive depends on what you were earning before you had your baby, The payment will be the same as your ordinary weekly pay or average weekly income, whichever is higher, up to a maximum – for the 2024/2025 year the maximum is $754.87 a week before tax.

The entitlements for paid parental leave are the same whether you are having one child, or a multiple birth.

FamilyBoost

As of 2024, many families who have children in early childhood education may qualify for FamilyBoost payments, which are designed to help with the cost.

People who are earning up to $140,000 a year as a household can qualify for up to $75 a week – or 25 percent of their fees, whichever is lower. Beyond that, the amount that can be claimed reduces until their annual household income reaches $180,000. Families who earn over $180,000 are not eligible for FamilyBoost payments.

Payments are made every three months.

Working for Families

Working for Families tax credits are also available, until your children are 18. How much you could be entitled to get depends on your household income.

Make the most of what’s on offer

Starting your financial planning early can make a big difference to how your household makes the adjustment to life with kids. Things like coming up with a workable budget for your paid parental leave period, or any time you’re on unpaid leave, can be really helpful. You might choose to use an app or another tracking method to keep an eye on where your money is going if you’re likely to be living on a bit less than you’re used to for a while.

Some of the supports available are paid according to your annual income. It will be important that you keep Inland Revenue informed of any changes so you don’t end up being paid too much and having to pay it back.

Need a helping hand?

SHARE’s financial advisers are here to help with long-term planning or to help you handle particular aspects of your financial life. If you’d like to talk about what might lie ahead for you, get in touch with us.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.