The good news is that you have a baby on the way. Juggling the costs of bringing your bundle of joy into the world means thinking ahead.
Facing unexpected expenses could strain your finances but planning can give you more breathing room. While you manoeuvre your way through having a baby, we have put a list of unexpected costs together to help you stay prepared - giving you one less thing to worry about.
Nursing & Feeding
A cost that will continue to grow and change as your child develops is the cost of providing them with nutritional food that can help them grow. The costs of feeding an infant tend to differ based on your particular situation i.e whether you will be able to breastfeed them or will need formula. You may need to invest in things such as a burp cloth, bottles and teats, as well as cleaning equipment to sanitise your baby's things. Researching the costs of each option can help parents better prepare their budgets to accommodate their baby. Keep in mind that the costs could increase significantly if your baby will require formula or special dietary requirements to aid their development.
Home adjustments
Preparing for a baby also means making some changes around your home to ensure that your home is baby proofed. Investing in a safe crib, changing table, baby monitors and baby proofing equipment are some of the costs that need to be considered. Creating a safe environment where your child can learn and also have fun is something we all want as parents. The costs for this will differ again based on your situation and your home. Keep room within your budget for things such as a play area, play mat, rockers and additional educational toys to create a safe and fun environment for your baby as they grow.
Preparing for their education
The best time to plan for your child's education is as soon as they are born. The second-best time is now. On average, South African parents fork out R1 million - R3 million when covering their child's educational needs. According to Old Mutual, this cost continues to increase by 9% each year. Planning for your child's education needs can also give you ample breathing room to find educational plans that will support them. Choosing a reliable educational plan can be achieved by knowing your options or speaking to a financial planner who can help you find a plan that will be suitable for your needs.
Medical aid
Another unexpected cost is handling the costs of your child falling ill. Not only is it a stressful time, but not having a financial safety net to fall back on in the form of medical aid can be stressful. Medical costs are an ongoing cost that any parent needs to be prepared for. From important scans, antenatal visits and general check-ups, be prepared to pay R15 000 or more if you plan on using private healthcare before your baby is born - excluding the costs that come with birthing. Having medical aid in place that supports all your needs can create breathing room for parents.
Childcare
Childcare costs will depend on whether you plan on being a stay-at-home parent or will need to hire help. Considering your options while it is still early can help you find reliable and safe options to ensure that your child is taken care of. Childcare costs can range from R3 000 or more depending on the area you live in or the agency in which you enlist the help of a nanny/helper.
Life cover for life’s unexpected moments
As much as we would all love to see our children develop from being a baby to an adult that is independent, it is also crucial to prepare for moments when we will not be able to be there due to death. Having a life insurance policy in place can give you peace of mind knowing that all these costs and more that concern your baby will be taken care. Protect your child's future today by getting an obligation-free quote for peace of mind.
