New parents underestimate the costs, here’s what to consider.
As newly expectant parents, the months preceding the arrival of a child are incredibly exciting and busy. Between preparing your child’s room and stocking up on toys, clothes and nappies, it can be difficult to turn your mind to the question of ensuring that you are financially prepared for the new addition to your family.
The good news, however, is that by taking the right steps and saving as early as possible, you and your family will be able to enjoy a far brighter and more secure financial future. Many of my colleagues have highlighted, for example, the unexpected expense of new types of prenatal scans and extra gynaecologist visits for high-risk pregnancies, which may not be covered by your medical aid.
It is therefore wise to implement a savings strategy for educational expenses as early as possible, and to consider starting an investment plan, tax-free savings plan or taking out an educational policy.Given the many expenses already mentioned, it is vital that you review your long-term insurance policies to ensure that your family is adequately protected against the loss of a parent through critical illness, disability or even death.
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