Financial family planning

FROM COUPLE TO BROOD: HOW TO ADJUST YOUR FINANCES FOR PARENTHOOD

- Erin White

Expecting your first child can feel overwhelming, especially when planning financially for their arrival. In this article, we outline the key expenses to consider when preparing for your baby and offer practical guidance on updating your financial plan.

From medical costs to future education, we'll help ensure your child's financial security, giving you peace of mind as you embark on this exciting new journey into parenthood.

Maternity leave

As soon as possible after your pregnancy is confirmed, speak to your employer about your maternity leave options.

As a working mother contributing towards UIF, you can claim for up to four months (121 days) of paid maternity leave and can expect compensation of between 38% and 58% of gross salary.

Importantly, bear in mind that you are only able to submit your UIF application once you are no longer receiving your full salary from your employer, so be sure to build this potential cashflow shortfall into your budgeting.

While the department of labour's online system indicates that maternity benefits take between three and six weeks to process, the reality is that they can take eight weeks or more.