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Financial Tips for New Parents
Financial Tips for New Parents
24 Jun 2020

Becoming a parent is a new experience for both you and your partner as you begin to discover ways to raise your beautiful bundle of joy. But it also the most daunting when it comes to the financial aspects.

Protecting your child's financial future is every bit important. We have put together on how you can do this without breaking the bank.

Adjust your financial goals

One of the things you will realise is that a lot changes when you become a parent. You will have to adapt your finances to cater to the needs of your child without putting yourself into debt, and how you do so is important. Setting financial goals such as a budget and a financial portfolio can help you work towards protecting your child's financial future in a responsible way. Remember that your situation is different from the next person which is why it is important to consult with a financial advisor on what steps to take.

Set an emergency fund account

Having a rainy-day fund is crucial to protect you from those unexpected expenses that can arise when you have a child. However, you will need to set a realistic target of what you can afford to put aside each month. Going through your bank statements regularly can assist you in seeing where your money is going and where you can cut back to help you set a realistic budget. Once you know how much you have leftover, it will be easier to know how much you can consistently put towards your rainy-day fund.

Sort out your medical aid

Doctor's visits will be frequent in the first few years of your having your child. Therefore, having medical aid can protect your finances. Remember to compare your options to find something that is affordable and has features that will be relevant to your needs. You can also use our MiLittleLife cover that comes with a birth benefit for newborns that financially protects you and your baby from any complications that may occur. 

Get life insurance

Taking out life insurance can protect your child's financial future in the event where you, your spouse, or both of you pass away unexpectedly. It is something that no parent would not want to think about; leaving their child while they are still young. However, you can have peace of mind knowing that they will be taken care of even when you are no longer around.

Start saving towards their education

One of the largest expenses that come with having a baby is paying for their education. Preparing for this moment by opening a savings account that has a compound interest will not only help you save towards their future, but it will also help grow your savings. Keep in mind to speak to a financial advisor to see what option will best work for your situation.

Balancing the financial scale and providing your child with the best life is something that is learned along the way, but always remember that it is better to start than to postpone. Shop for bargains where you can and always check if the features of any policy or product will be the best for you.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06