Financial planning for children with special needs: a comprehensive guide

RAISING any child is costly, but when a child has special needs, the financial planning process takes on an added layer of complexity. Every diagnosis, prognosis, and expectation around life expectancy shapes the plan, and in many cases, the time horizon must extend beyond your own lifetime to include that of your child. Financial planning for a special needs child is therefore both deeply personal and highly specialised.

- SHERRY TAPFUMA

Mapping an expense timeline: Before putting a budget in place, it is useful to plot a timeline of expected expenses unique to your child’s condition. By mapping out anticipated treatments, therapies, medical equipment, and possible hospitalisations, you can identify the large costs that may arise in the short to medium term.

This timeline can then be overlaid on your household budget to give you a clearer sense of what is affordable and sustainable. In some cases, a parent may need to reduce working hours or stop working altogether to provide care. However, a decision should only be made after careful budgeting and with full knowledge of the cost of alternative care facilities or professional caregivers.