This is exactly how much money you need in the bank before you have a baby.

It costs $10,000 to have a baby, according to leading investment adviser, Scott Pape.

In the year leading up to pregnancy, he says $10,000 “at the very least” should be put aside.

The Melbourne-based finance guru puts the average cost of having a baby in a private hospital at $8,500 per birth – not including obstetricians, nappies or push presents.

Writing for his Barefoot Investor blog, Pape says the same amount of money is needed if you plan to give birth in a public hospital.

“Think of having a baby as like starting a business. There are significant upfront costs that can be amortised over subsequent product releases, but these upfront costs are really going to hit you,” he said.

The financial guru says some first-time parents suffer from “little emperor syndrome” and go “a little ga-ga” when they are expecting.

But some of the costs can be lowered by purchasing second-hand strollers or cribs.

"The first 12 months of being a parent are stressful. You have no idea what you’re doing. There’s very little sleep...You basically surrender yourself and serve the baby," he said.

"And so the best gift you can give yourself in that first year is not having to fight or worry about money."

Entitlements

When you finally do give birth to your priceless bundle of joy, you can claim government parental leave pay - which is currently $672.60 per week before tax for a maximum of 18 weeks.

The minimum wage is currently in addition to our existing employer provided paid or unpaid leave.

The birth coach who says labour doesn’t have to hurt. Post continues after podcast.

Some parents are also eligible for Centrelink benefits, including the Family Tax Benefit, parenting payment, rent assistance or a health care card.

But Pape recommends saving $10,000 "baby bounty" in addition to any entitlements.

This is sound sensible advice but can you put a price on a newborn?

My baby has already paid me back, he's the greatest gift I've ever been given.