The Australian newspaper recently reported “Households are suffering the worst decline in living standards since the 1950s with the fall in real disposable income eclipsing those of the last four major recessions including the 1970s inflation crisis and the Covid-19 pandemic.”
As a consequence, many couples are putting off having a baby. If a couple is struggling to pay their mortgage/rent, electricity, food and other household goods, the household budget doesn’t stretch far enough to
include a baby.
For private patients what makes the situation worse is private health fund cover for pregnancy is in the top tier, or most expensive level of membership. As well there are some pathology, ultrasound scan and doctors’ gaps that need to be considered. And as I tell my patients the cost is only beginning when the baby is born. There will be the ongoing costs of raising the family. Even when the children are adults many parents still need to financially support their children e.g. to get a mortgage.
So, what are the options for a couple?
- To give up on the dream of having a family. This can result in long-term frustration and depression, especially for the woman. Some are choosing this path, especially in anther countries such as South Korean and Japan. Many have pets who they treat as the children they wanted to have. Personally, I don’t think a pet is a satisfying substitute for a baby for most women.
- Defer the pregnancy until your financial situation improves. This season of high interest rates, etc will end. My wife and I have lived through several times of personal financial hardship. We recall when interest rates were 17%. With good disciplined financial management and perseverance our financial situation improved. I think a key is working as a team and with honestly and trust between you and your partner. My wife and I have always been open with each other, had shared bank accounts and made financial decisions together.
- Learn about budgeting and financial management of your personal money. If you find this challenging, then I suggest you chat with someone who you respect and who you consider is good with money management. This is very important. Many people sadly do impulse shopping and waste money on things they don’t need. They also can spend more than they need on items they do need. Don’t believe advertising. Ads exist to entice you to buy the product or service that is being advertised. There is usually no truth in the claims made in ads. Don’t be influenced by on-lien influencers. They are paid to promote and so do so whether what they are promoting is of value to you. Be disciplined, do your own homework, price compare and defer a purchase if you really don’t need the item. Don’t buy things to try to impress others. That is a way to financial ruin and upset.
- By budgeting you will be able to afford to have a baby sooner.
- When you can afford to have baby choose which way to go. Being a private patient with private health fund cover, being a self-funded private patient, or being a public patient. I am booking an increasing number of self-funded private patients. I wrote an article (Self-funding private pregnancy care) where I showed that it is cheaper and quicker option to having a baby privately, if all goes well (which it usually does with good pregnancy care). I have many reservations about public care (see Private vs Public Care for my Pregnancy). I have many patients who were public with their previous pregnancy and who changed to me or who changed to me for private care mid-pregnancy because of their concerns.
I have always been aware of the financial pressure of private pregnancy management on my patients, who typically have lots of expenses competing for limited income. In these current times I am more conscious and would like to support my patients more and as much as possible.
If you or members of your family or friends want to have baby soon but are hesitating because of costs, then please phone my office for an appointment. I am happy to see you whether you are insured or not insured for pregnancy care.
Book a meeting with me, and we can discuss and explore possibilities of how we can help you and your husband /partner have a baby soon. There is no referral needed and there will be no fee for such a consultation.
