Gynae appointments, shopping for baby products and researching the best way to prepare for your child is something that is part and parcel of becoming a parent to your new bundle of joy. One of the major changes you will experience is a change in finances.
Being financially prepared for the arrival of your baby is essential. While you can't foresee every expense, we have put together a list of some things you should plan for.
Medical expenses
Making a smooth transition for both you and your baby needs a lot of planning. One of these is planning for medical expenses. There may be once-off costs such as getting your child vaccinated, birthing fees that can range between R11 000 - R13 000 a day or more depending on whether you plan on going private or public. Planning for your prenatal check-ups along with possible medication your child might need requires medical aid to ease the financial strain. Consider setting up an emergency savings account that is specifically targeted to handling unexpected baby expenses that you and your child may face.
Thing’s baby will need
Juggling the various expenses that come with having a baby can make it easier to handle when you plan in advance. Another major expense is preparing the house and a safe space for your baby to live in. You will be faced with various costs such as travel needs, nursery needs, and things that you will both need for when you come home. Travel needs could include things such as a stroller, a car seat which starts at R5,000 going upwards, and a toiletry bag that comes with all the necessary things they made need for the trip. You will also need to consider childproofing your home if this has not been done yet.
Nursing
Whether you are choosing to breastfeed your child or introduce formula to them, it is essential to plan for the expenses that come with either option. While breastfeeding your child will reduce the cost of nursing your baby, it is still beneficial to start thinking of expenses that you will be faced with as they grow. Think of dummies, cleaning equipment, breast pumps, bottle warmers, highchairs, teething toys, and dishes you will need for your little one.
Furniture and clothes
This is most likely to be an ongoing cost due to the fast rate at which babies grow. It is important to remember that you do not need to purchase everything brand new. Getting items such as strollers, cots, blankets and clothes to help them adjust to the various seasons that they will experience is something to keep in mind.
Childcare
All parents need help. Most of the time this comes in the form of hiring someone to help you take care of your child. Be it helping you with a few chores around the house or taking care of your baby as you make plans to return to work. South Africans fork out R3000 to R5000 a month to hire help. You might want to factor in the cost of sending your child to a nursery school as this will come with additional costs to make sure your child is well taken care of.
Protecting your little one
A lot changes when you have a child. How you see your world also changes as you try to create a safe environment for your child. Being able to protect and provide for your child are one of the biggest concerns for any parent. Therefore, having peace of mind knowing that they will be taken care no matter what happens to you by having a life insurance policy in place and finding ways to protect your income is essential. Start planning for their future as soon as possible by taking the necessary small steps today.
