Planning for a baby: What to consider
Expecting a baby is an emotional and exciting experience, one that can leave you feeling quite drained. The LAST thing you need when you’re going through this wonderful phase, is financial stress! For this very reason, you need to start preparing for a baby in advance.
Here are a few points to consider when you’re drawing up your financial baby checklist:
Increased medical bills
During the pregnancy, there will be blood tests, regular visits to the gynaecologist, ultrasounds and vitamin supplements – make sure you know what will be covered by your medical aid.
Also as a new parent, you will naturally be cautious and spare no expense when it comes to the health of your child, so bank on regular visits to the paediatrician.
New wardrobe for mom
At some stage, your existing wardrobe is not going to fit! If you have friends who’ve had children, you may want to consider opting for second-hand. You’ll only be wearing them for a couple of months anyway.
Getting the room ready
Think paint, curtains, soft lighting and other decor. And no, one set of clothes per day is not enough! A cot, pram, car seat and baby bath are considered essentials. See if you can source good second-hand equipment.
Maternity leave
Few companies provide fully paid maternity leave. If you are registered with UIF, you may claim maternity benefits - the rate payable is determined by length of employment and whether previous claims have been lodged. There are online calculators which can assist you in projecting the amount which would be payable to you.
The birth
Depending on the circumstances, this could be a costly exercise. You need to discuss this with your doctor and your medical aid.
Two big expenses: nappies & formula
Nappies - you'll never have enough. And breast feeding would definitely be a cheaper option, but the reality is that this is not always possible if you need to go back to work relatively soon. Sometimes, it helps to have a credit card or Woolworths store card, to help carry you through those difficult times ahead.
Childcare
Reliable care is costly. You need to do thorough research before placing your child in a childcare facility.