James Phelan, Senior Adviser at Rask Advice who helps families with practical budgeting and parental leave planning. He covers planning for income changes and one-off baby costs. He explains sequencing employer and government leave. He breaks down childcare subsidies, waitlists and fees. He shares tips for managing shared money, super impacts and low-effort systems for early parenting.
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volunteer_activism ADVICE
Map Employer And Government Leave
Check eligibility for government paid parental leave and your employer’s paid leave before deciding.
Map out sequencing and duration to optimise income and time off.
volunteer_activism ADVICE
Stretch Leave By Taking Days
Use the flexibility of government leave to take days rather than continuous weeks to extend paid support.
Combine employer options (full or half pay) with government days to lengthen leave affordably.
volunteer_activism ADVICE
Know How Child Care Subsidy Works
Understand Child Care Subsidy (CCS): the government pays the centre directly and you pay the gap.
Compare centre fees and CCS caps because higher-priced centres can leave you with larger out-of-pocket costs.
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In this Friday Q&A episode of The Australian Finance Podcast, Gemma Mitchell is joined by James Phelan, Senior Adviser at Rask Advice, to answer the big money questions that tend to come up when a baby is on the way.
From planning for income changes to understanding parental leave, childcare costs and shared money dynamics, this episode focuses on practical, real-world decisions new and growing families are navigating right now.
If you enjoyed this episode of The Australian Finance Podcast, follow us on Apple, Spotify, YouTube, or wherever you listen.
Got a parenting & money question for a future Q&A? Submit it here.
Topics Covered
– What to expect financially when a baby is on the way
– Creating a cash buffer and planning for one-off baby expenses
– Employer vs government parental leave: how to sequence it
– Navigating Child Care Subsidy and estimating weekly costs
– Understanding childcare waitlists & minimum day policies
– Managing shared money when one partner stops or reduces work
– Avoiding resentment in uneven financial contributions
– Systems that work with low energy, low time, and a new baby
– How to keep control of money in the early parenting fog
Resources for this episode:
– Paid Parental Leave – Services Australia
– Child Care Subsidy Estimator
– Gemma’s book: The Money Reset
– Ask a question
Show partner resources:
- Join Pearler using code “RASK” for $15 of Pearler Credit
- Get 50% off your first two months using PocketSmith
- View Betashares range of funds
Rask resources:
🔗 All Rask services – https://bit.ly/R-services
📋 Rask Financial Planning – https://bit.ly/R-plan
📈 Start investing with Rask – https://bit.ly/R-invest
📜 Access Show Notes – https://bit.ly/R-notes
❓ Ask a question – https://bit.ly/R-quest
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DISCLAIMER
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it.
If you’re unsure, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance.
The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG) – https://www.rask.com.au/fsg
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