Raising your baby on a budget
Raising children is a lovely and fulfilling experience that does however, require some financial planning.
The government recently calculated that, for an average middle-income South African family, the cost of raising a child from birth to 18 years of age could reach up to R 1 681 470.
Sometimes it is difficult to relate to enormous numbers like these so, to put it in context, your child is likely to cost you R256 a day or R7 785 a month.
The more you earn, the more likely you are to spend more on your children. You will want to spoil your child, and if you can afford it, do it. But remember, the only thing your child actually needs is love (and the essentials, of course).
The other thing to consider is that the costs associated with kids change as they age. In the first 18 months there’s a big spike in expenses and, after two years, it flattens out, increasing slightly every year.
While there are basic costs involved in having children (and yes, these costs can sometimes take your breath away), there are steps you can take to ensure you’re not at the top-end of that figure.
Having a “future plan” in place for your finances is a good start.
Don’t let food go to waste – rather freeze those left-overs. Even that extra chicken drumstick can come in handy as lunch. Food is a huge cost in raising a child, yet the average person ends up throwing out 500g of food per person per day. If you can prevent or even reduce your food wastage it is going to help you lower your living costs.
As children get older, it can also help to have a clearly-defined line between “wants” and “needs”. It may be a good idea for all of us to consider this. Do you really need that brand-name R15 000 pram or will something that costs a lot less do just as good a job?
Try to teach your child from an early age that money doesn’t grow on trees, and get them accustomed to the monetary value of items like toys and clothes. That way they will learn to appreciate what things cost, and may even feel inclined to save up their pocket money for a particular item they want.
Most parents have no idea what they’re getting into financially when they have children. If a baby arrived with a bill, you’d be worried. Yes, it’s daunting. And yes, being a parent requires a lot – a lot of love, patience and money. But it’s definitely all worth it!
(Source: Huggies)
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