Pre-Baby

How much does it take to raise your baby in South Africa? On average, South African parents spend R90,000 to meet their child's financial needs. But this amount quickly increases as your child continues to grow and you start including educational costs. You could end up paying between R1 million to R3 million the moment your child starts grade 1 until they matriculate. Being financially prepared for each milestone needs planning, even for emergencies.

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Pre-baby costs means thinking of costs such as:  

• Baby proofing. You could be looking at an average of R1 500 – R5 500 or more depending on what type of brands you purchase.
• Baby's grow fast. Being prepared with clothing expenses to tackle the seasonal changes your child will face means having around R2000 every 3 months to keep them adequately dressed. 
• Bathing aids & toiletries. Bathing aids will cost you approximately R2 500. Nappies, bum cream, wetwipes, baby powder and other toiletry items your baby will need could cost between R750 - R3000 or more per month.

However, there is also planning for your little bundle of joys' future. The best time to do this is before they are born. Having a life insurance policy in place, opening an education fund and starting with small investments that can grow with them will be beneficial for both you and your baby. Consider speaking to a financial advisor to find a financial plan that will be best suited to your needs.  

The first three years

The first three years of your baby's life are crucial. Research has shown that the first 1000 days (3 years) are recognised as a critical period for the development of your child.

Any parent wants to ensure that they are offering their child the best that they can offer. Offering your child the care and support they will need along with the relevant tools and food that can help them with their holistic development often results in consulting with doctors, dieticians, and investing in educational tools that can help meet your child's needs.

Have a budget that considers the costs of medical aid, consultants for both financial and health, and the cost of hiring a child carer. For example, parents who are going back to work or need the support of a nanny/au pair/nursery school could be looking at R70,000 a year.

Creating a financially secure future

There is no rule book when it comes to the right way of parenting. However, learning what can work for you and your family can lead to some costly mistakes. Improving your financial literacy and financial planning can help make it easier for you to create a future that will be beneficial to both you and your child. Envision the type of education and life that you want to create for your child and begin to set financial goals for each possible milestone they will reach. Remember to set realistic goals that are financially sustainable for you.