However, it’s also expensive.
“It’s difficult and probably not that helpful to work out an average cost, because expectant parents’ circumstances and choices differ so much, but it’ll probably be more than you think,” warned Marlies Kappers, chief marketing officer at financial services provider at DirectAxis.
“When you’re dealing with the excitement of finding out you’re pregnant and trying to remember all the people you need to tell and the millions of things you’ll have to do before the baby arrives, budgeting may not be at the top of your list.”
With the help of several moms at DirectAxis Kappers put together a list of suggestions to help soon-to-be parents budget for a baby.
Read:Parents from India name their baby ‘Sanitiser’
Do the maths:
Having a baby will definitely add to your expenses and often reduce your income.
If both parents work, you may lose some or all of one parent’s income when the baby arrives.
Should you want to return to work either your spouse or partner will need to stay at home, or you will need to pay for child care, unless you’re lucky enough to have a relative or close friend who will look after the baby.
South African women are entitled to four consecutive months of maternity leave, during which time their jobs or an equivalent job must be reserved, but employers are not required to pay some or any of their salary during this time.
Women who are receiving a portion of or no salary from their employers and who have contributed to the Unemployment Insurance Fund (UIF) can claim between 38 per cent and 58 per cent of their salary, up to a maximum of R12 478, from the UIF tax-free for 121 days.
Also Read:Money-saving tips to help you shop smarter
Expectant mothers can go on maternity leave any time from up to four weeks before the due date.
Legally, working dads can take up to 10 days of paid paternity leave.
Once you know what the household income will be, you’ll be in a better position to draw up a baby-friendly budget.
When you start budgeting, remember the expenses begin before the baby is born.
For example, you’ll need maternity clothes and to prepare the nursery.
A suggestion is to update your budget each trimester.
