Having a baby can be wonderful. It can change your life in so many positive ways, although it is also expensive.

Marlies Kappers, chief marketing officer at financial services provider, DirectAxis, says it is 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.

Together with some other moms at DirectAxis, she put together this list of suggestions to help soon-to-be parents budget for a baby.

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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 are lucky enough to have a relative or close friend who will look after the baby.

South African women are entitled to four consecutive months’ 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.
Legally, working dads can take up to 10 days of paid paternity leave.
When you start budgeting, remember the expenses begin before the baby is born. For example, you will need maternity clothes and to prepare the nursery. A suggestion is to update your budget each trimester.

Check the fine print: Review your medical aid. Find out exactly what is covered and what is not, so you do not get any financial surprises when the baby is born.

It’s as good a time as any to get all your financial affairs in order. If all this seems a bit daunting, make an appointment to see a qualified financial adviser, who will be able to do a needs analysis and recommend appropriate products.

Feather the nest: Start saving, ideally when you start trying for a baby or at least as soon as you find out you are pregnant.
Open a bank account, such as a tax-free savings account and put away as much money as you can afford each month.

Shop smartly: Do not leave everything to the last minute. Not only will this mean having to spend a lot of money at once, rather than spreading the costs over nine months, but chances are you will forget something important or buy things you don’t really need. Instead, do your research. Once you have got a list of essentials, buy a few items each month.

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Don’t be blinded by the bling: When it is your first child, you will be tempted to want everything brand new and shiny, but cots, car seats and prams can be expensive. Often you can find good quality second-hand items such as prams online, from shops that specialise in refurbishing and reselling these items or from friends whose babies have outgrown them.