Money matters for parents

PREPARE: PROTECT YOUR FAMILY'S HEALTH, EDUCATION AND FUTURE WEALTH FROM DAY 1

- Lana Visser-Galant

Becoming a parent is one of life's most joyful milestones, but it also comes with significant financial responsibilities. From medical care to education, the costs of raising a child can add up quickly. Here's a guide to help you prepare financially for your growing family.

Review your medical aid

Your current medical aid plan may need an upgrade to accommodate your child's health care needs. Your baby will require regular paediatric checkups, and once they start school, they're exposed to more germs, making illness more frequent. Ensure your plan covers day-to-day medical expenses, specialist visits, and any potential emergencies. It is also important to ensure that your child is added as a dependent on your medical aid plan as soon as possible.

Plan for education costs

Education is often the largest expense in raising children. Every parent wants to offer their child the best possible opportunities, but it's important to plan ahead, especially since education costs tend to rise faster than inflation.