How a Loan Can Help New Parents – Payday Loans in South AfricaAugust 01, 2019
Babies are truly God’s gift to mankind. They are precious. There is nothing more fulfilling for parents than to see their little one coming into this world.
But here’s the harsh reality: having a baby can be pretty expensive. There’s no denying that there are many expenses that come along with having a baby. You’re lucky if you got a lot of baby stuff from generous friends and family during your baby shower. You can save money by using the clothes, blankets, toys, and toiletries that were handed over to you. But apart from these, there are still a lot of things to consider. These things include medical costs and income reduction due to maternity leave.
If you aren’t careful and prepared, your expenses will pile up until your baby grows up and starts going to school. So what better way to proceed than to plan ahead of time so you can prepare? Here are some tips on how you can cope with your baby’s expenses:
The Importance of Saving Beforehand
It’s best to start saving as soon as you learn you are pregnant, it’s best to save up early on. You have nine months for you and your partner to prepare and to set aside some money. While a loan will offer some relief, saving up won’t hurt as it can help you prepare for any unexpected expenses in the future.
Use of Medical Aid or Hospital Plans
Another great way to deal with expenses for hospitalization and delivery is to have some form of medical aid or hospital plan. This is to ensure that your medical expenses won’t become too much of a financial burden. It’s not ideal to start having debts as soon as you have a baby. The trick there is to come in prepared, as bringing your baby into the world is just the beginning. As soon as the baby comes out, there will be more expenses moving forward.
Expenses Tracking and Financial Budget
As your baby grows up, it’s best to track your expenses and come up with a budget. A monthly budget and proper allocation of expenses will help in a major way. It will make a big difference if you monitor your spending and stick to your budget. Parents who do that will be much better off than those who spend money willy-nilly.
Bulk Purchase of Baby Products
Here’s one good trick though: buying baby items in bulk will help you save big time. Buying baby stuff such as nappies, bottles, diaper rash creams, and more can be pretty expensive if you only buy them in small quantities.
A Financial Plan
As with anything related to finances, planning ahead will make a difference in your life as well as your baby’s. That said, it’s wise to open an investment account or unit trust that is sure to grow over time. You know how expensive it can get to raise a child, what with the expenses you’ll have to pay for when it comes to your child’s education and other things!
Financial Automation of Savings and Debts
Finally, once you’ve identified your financial goals, it will help if you rely on automation for your savings and/or debts. Automation will help you be more financially streamlined and structured for you than having to deal with your finances manually. With these in place, you can prioritize your financial goals.
Another option is to get a personal loan – we provide long-term loans for new parents & payday loans in South Africa for any emergencies you might have. Get in touch today to see how we can help.