Being financially prepared to tackle the costs of raising a baby in South Africa is one of the things you have to consider. These are just some of the costs many parents need to consider to build a financial safety net for you and your child.

South African parents spend R90,000 on average

Any parent wants to provide for and protect their child. No one can predict what will happen in the future, but having a plan in place is vital. South African parents, on average, fork out R90,000 a year when it comes to raising their children. Juggling the costs of food, clothes, toiletries, medical aid, and education are the costs any parent has to take into consideration. Each stage your child enters needs to be planned for financially to make it easier for you.

South African parents are looking at anything between R1 million to R3 million or more to raise their children from grade 1 to grade 12. Thinking of the various stages of your child's needs can make financial planning easier for you and more realistic. We do encourage you to seek financial advice from a professional to help you plan properly for some of your baby's needs. Here are some of the costs you need to consider.

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Pre-baby costs

From finding out that you are expecting to being prepared for the arrival of your beautiful bundle of joy will need a pre-baby budget that will help you be financially prepared. Setting realistic financial goals can help reduce the stress and changes that come with having a baby. Some of the things you need to consider before the arrival of your baby is:

• Medical costs. Finding a doctor and a medical aid that will cover you, your pre-natal visits, delivery, hospital stay and your baby is vital. Doing this way in advance can help you shoulder the costs that come with having a newborn. On average, you could be looking to spend anything between R7000 - R20,000 during this time.

• Baby proofing. Whether it is finding the correct car seat or turning dangerous edges and holes in your home into something that will not pose a threat to your child, babyproofing is another essential cost you will face. You could be looking at an average of R1 500 – R5 500 or more depending on what type of brands you get.

• 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 dressed. A budget tip when it comes to buying baby clothes and equipment is that not everything has to be bought new. Consider alternative solutions, especially on items that they will outgrow, as well as asking family and friends for hand-me-downs.

• Bathing aides & toiletries. Bathing aids will cost you approximately R2 500. You could be looking at slightly increased costs if your baby has a skin condition. Nappies, bum cream, toiletry bag, wipes, baby powder and other toiletry needs your baby will need R750 - R3000 or more per month.

Set-up costs

Setting up a nursery and an environment that is safe and soothing for your child means you will need a budget for set-up costs. Some of these may be once-off costs, while other items can be purchased over a period of time.

• Nursery set up. Setting up furniture, a station to change your baby, and equipment that takes care of your baby's needs could cost anything from R5000. 

• Bath time. A bath station for your baby could cost you R400. 

• Blankets. Prepare to pay at least R800 or more when it comes to buying blankets and linen for your child. 

• Feeding. Any feeding equipment you need will vary in cost. Parents could look up to R5 500 to cover their baby's feeding needs.

• Child care. For 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. 

• Birthing expenses. Birthing expenses differ on a range of factors, but planning ahead by choosing whether you will be going private or through a public hospital can help expecting parents prepare for costs. Having a medical aid in place can help reduce the costs significantly. On average this could cost you anything between R11,000 – R20,000. 

Financial planning steps to protect their future
Protecting their future starts with the steps that you take today. When you begin to think of the cost of education, providing shelter and a financial future that protects them when you are no longer around to do so are just some of the considerations to keep in mind. Starting with your basics such as having a funeral or life cover in place is vital. MiWayLife offers a 2-in-1 policy that combines funeral and life cover for you and your loved ones. 

Investing in your child's future can also be in the form of investing in unit trusts, opening a savings account, or investing in an educational fund that will take care of their needs. Thinking beyond the birth of your child and the first few years is the first step. However, getting help from a financial advisor to help you realistically plan your child's future is the best thing you could do for them.