Prepare To Be The Best Parent You Can Be

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Having a baby won’t just have a small impact on your life, it’s going to shift the centre of your universe, so thinking ahead about the possible challenges such as medical costs, maternity leave, life insurance, and pre-baby budgeting, will help you prepare to be the best parent you can be. Even though you think 9 months is a long time, don’t put off financial planning for your future self to handle – soon washing milk bottles will replace life admin so now is the time to do it.

Here’s a list of five less thought-about items before your baby arrives:

1. Gap Cover  

For many, it may come as a shock to realise that even if you have medical aid, you could be faced with additional medical costs that having a baby can bring to the table. Gap cover provides extra financial protection and closes the gap between what specialists charge and what your medical aid is prepared to pay, ensuring that you can afford the care that you and your family deserve and need.

2. Where there’s a will…

Like Life Insurance, it’s one of those things we don’t like to think about, but if you’re going to become a parent, getting a will should be right up there with deciding on the baby’s name or which pram to buy.  Without one, you would have no say over who should care for your little bundle in the event of your death or what they will inherit from you and who should look after this inheritance until they’re old enough to look after it for themselves.

3. Save, save and save some more

Welcoming a baby into the world will have a significant impact on your finances. Being proactive when planning will help you to direct, save, and protect your wealth and is essential in preparation for raising and sustaining a child – not to mention the optional luxuries like a night nurse or whether your Mother-in-Law is up for babysitting. Consider borrowing items that the baby will use for short periods of time and look out for car seats and cots that are convertible, meaning you will save on large purchases in the future.

4. Baby proof your life

As you are heading to the final stretch, the nesting phase will start to kick in. While you will be inspired to clean, organise and rearrange the nursery and house in preparation, don’t overlook the safety around the house. You may think you have time, but in the blink of an eye, that tiny baby is going to be digging under things or doing weird things like chewing on furniture legs so now is the time to cover those sharp corners, clear out/raise any indoor plants, and cover up plug points across the house.

5. Insure your life

It can be easy to put off big tasks until tomorrow, so if “sign up for life insurance” is toward the bottom of your pre-baby to-do list, now is the time to push that right to the top. Even though the last thing you want to be thinking about is the possibility of your family needing to use your life insurance policy, not being able to provide for your child, or leaving your partner with the financial burden of having to do so alone, is a far less pleasant thought.

6. Stock up on groceries

Stock up on essentials such as coffee, easy oven/frozen dishes, crackers, butter, and milk so you have them on hand, as well as some fresh foods such as fruits and veggies to snack on that will help you power through the chaos of those first whirlwind weeks (don’t forget the chocolate Mom). Bottled water is another important thing to buy in bulk so make sure to buy enough for the first few weeks.

Providing for your child isn’t just about taking care of their current needs; it’s about preparing for their future needs too. Visit us at The Sanlam Indie Plan to find out what insurance you actually need