what are the costs of having a baby?

what are the costs of having a baby?
My fiance’ and i are planning to try for a baby in a few months time..so excited but he is worried about finances! I know we arent doing it hard compared to alot of people so it fustrates me that he is so worried. I currently work full time and earn about $ 35,000 AU. a year (after tax) but when bubs comes i probably will quit work so lets base it on one income only.

So my fiance earns about $ 60,000 AU a year. We have a mortgage which repayments work out to be $ 24,000 AU a year. All our bills incuding our house & contents insurance, car insurance, council rates and food shopping are approx $ 18,000 AU a year. So that adds up to $ 42,000 AU per year in bills, food & mortgage but thats excluding actual repayment money off the mortgage (the 24k covers the interest only) So that leaves $ 18,000 AU – is that enough to cover all the costs of raising a baby? Like medical, food, play equipment and nappies? I plan to breastfeed. Can anyone tell me how much on average per year or per week or per month it costs to raise a baby for the first few years whilst in nappies?? In Australian dollars would be great if you can, but if not any advice would be great.

In australia i know we get the baby bonus which is $ 5000 and paid in installments i believe thats a once of payment though. I’m unsure if we will be eligable for the family tax benift though??

All help appreciated 🙂 im so excited and i want my fiance to get excited too and not worry about money so we can make our wish come true.

thanks everyone

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