By African Unity Life
Finding out that you’re about to be a parent is likely an exciting period in your life. You can’t wait to finally meet your little one. However, at the same time, you know that your life is about to change. And one way you can be sure that your life is about to change drastically is when it comes to your finances.
Previously, it was possibly only you and your partner who you had to think about. Now, you have a child on the way and that means that it is time to alter your financial mindset. Here are some financial concerns that you will have to address when it comes to becoming a new parent.
Ensure your child’s health is covered
One of the most important things you need to have as a parent is health insurance. You need to look after both your health and your child’s health. If you already have a policy, you need to add your little one as a dependant as soon as possible. Should anything happen, you don’t want to end up facing a large medical bill following a hospital trip. Of course, you can choose between different plans which offer different levels of cover. However, at the very least, you need hospital cover.
Children become ill and accidents do happen. That is an unfortunate truth and you want to be prepared should anything happen to your little one. As a parent, you want to ensure that your child is as happy and healthy as possible. So, if you don’t already have health cover for the new addition to your family, now is the time to have a look at all the different policies available to you.
Make sure you have savings for school fees
Yes, your little one may be years away from attending school, but school fees are expensive and you will be glad you prepared for them early on. And it is not just the general school fees that you need to think about. There are also school textbooks, stationery, uniforms and sports gear. At the end of the day, it all adds up. However, education will be one of the most important aspects of your child’s life. They will need to attend 12 years of schooling and that can become very expensive, which is why it is best that you begin preparing as soon as you can.
Take out life insurance
You should start looking for affordable life insurance policies in South Africa right away when you find out you are going to be a parent. Should something happen to you or your partner, it is important that you know your child is financially taken care of. Life insurance gives you the peace of mind you need, knowing that you can leave your child with the money they need in order to have a good life if anything happens to you.
Take a look at African Unity Life insurance policies and you will find that our life insurance offers all the cover you require. When it comes to life insurance in South Africa, we at African Unity Life understand exactly what people need.
An emergency fund is a must for parents
You have likely heard that it is important to have an emergency fund. And it is. However, it becomes a must-have when you have a child. You never know what could happen and if you lose your job or have unforeseen expenses, you want to know that you are still financially secure. You are now responsible for your child and you want your little one to have everything they need in life, which is why an emergency fund is a must for parents.
All parents really want is the best for their children. Making sure that you have the insurance you need, as well as money saved up for schooling and emergencies should be a priority.