Money advice I wish I’d got before having a baby

Last updated on 19th November, 2024 at 09:19 am

From unexpected medical costs to doubling up on everything for twins, we asked real parents to share the surprising expenses of raising children.

Reading time: 5 minutes

In this article, you’ll learn:

• Unexpected parenting expenses to look out for
• Tips and advice for managing costs
• Budgeting guide for baby essentials

Parenting brings immeasurable joy, but let’s face it, the true cost of raising a child can catch parents by surprise. While Google can give you the basics, nothing beats hearing advice from parents who’ve already navigated these challenges.

Understanding the car seat costs:

For Jocelyn Newmarch, car seats were one of the biggest surprise costs. “You’ll need to buy more than one as your child grows – from a baby car seat to a toddler seat, and later, a booster seat. These seats can range from a few hundred to a few thousand rand. Some of them require special Isofix bases that are installed in your car and which can add to the cost.”

Pro tip: Add your car seat to your car insurance so that in the event of an accident, you can afford to buy another one.

Childcare is a round-the-clock necessity
While we all know that childcare is an essential cost for parents, the sheer scale of it can come as a shock. “Your child literally needs someone looking after them all the time. So when they get sick and have to stay home from school, either you miss work or someone else has to stay home with them,” say Kate Rinehart-Smit and Herman Smit, parents to a three-year-old and a newborn.

Pro tip: Plan for the unexpected. You’ll need backup childcare or extra leave days (or both) to cover sickness and school holidays. Consider building a support network of family and friends, as well as a budget for a nanny, to help cover those unplanned moments. If you’re stuck at work, the Sanlam Personal Assistant benefit can help you save time and money while getting things done.

Double trouble = double costs

Most parents plan to invest once in big-ticket items, which they can use for more than one child. That’s what Carol Styles had in mind too, but her careful budgeting had to be revised when she discovered she was pregnant with twins. She has a four-year-old son and twins who have both just turned one year.

“You need two cots, two car seats – we had a cot and a car seat that we were intending to reuse, but then we had to buy another one of each.” Swimming lessons, vaccinations and medicine costs are doubled.

Pro tip: Even if you’re raising an only child, you’ll find yourself at the doctor far more frequently than before. A virtual healthcare service, such as Sanlam’s Virtual Doctor, can help manage these costs.

Chronic conditions can reshape household budgeting
Health challenges often introduce a new layer of uncertainty to household finances, as Sieraaj Ahmed found out with his son’s eczema: “In addition to the emotional difficulty of watching your child scratch and be itchy all the time and not being able to do much about it, the financial and time costs included trying 11 doctors before he was three and testing almost every lotion on the shelves.”

Living with a serious allergy often means more doctor’s visits and higher grocery bills. That’s what happened to Rachel Tena, who discovered her son was allergic to casein, the protein present in cow’s milk. “He can’t have any products made from cow’s milk and can only drink goat’s milk,” she says. Before the allergy was diagnosed, Rachel found she was spending a lot of money on medical appointments and tests. Now, years later, it has permanently changed her grocery bills.

Pro tip: Keep some room in your budget for unexpected medical costs or therapies.

The real cost of childcare… depends on you and your family

If you’re a new or expecting parent, this rough guide may help you draw up your budget. But it’s not a rulebook, and many of these items are available second hand from other families.

Nappies:
1 box of newborn nappies: R335
3-4 boxes size 1 R335x4 = R1 340
3-5 boxes size 2 = R1 340
7-8 boxes size 3 = R2 680
2-5 boxes size 4 = R1 005