Congratulations! You just gave birth to a beautiful baby. Around 22,216 children are born daily in Nigeria, and you are lucky to be one of the proud parents of these bundles of joy.
My kids are my greatest blessings and most cherished possessions- Mary
But are you financially prepared for the cost of raising a child in Nigeria? There are a lot of baby expenses to take care of. Ask your parents; those first few months of your baby’s life can be financially overwhelming. I mean, diapers alone can be a significant expense.
Don’t worry; that is why we wrote this article for new Nigerian parents. In this article, we will give you practical tips on how to manage your finances while raising a child in Nigeria without going bankrupt. And if you aren’t a parent, it is always good to know what you and your partner are getting yourselves into.
How to Plan Financially as a New Parent in Nigeria
Here, we are looking at the key points you need to know as a new parent:
Have Financial Goals
The first thing though is having clear financial goals. Your bundle of joy can’t come and suffer; get all the financial education you can so that you are wise enough to protect their future as well as teach your children to be financially independent.
Being a parent can be tough but remember in the eyes of your children, you are a superhero - Ola
Create a Baby Budget for Your Total Baby Expenses
Those that fail to plan, plan to fail. Along with a household budget, it is also important to have a dedicated baby budget. Look at your monthly income and incorporate key baby expenses into it. Plan for important things like baby clothes, baby food, and the mother’s food, utilities, etc. Also, have an emergency fund for baby needs in your budget.
Buy Most Things in Bulk
It is always cheaper to buy baby essentials in bulk, especially items like diapers and baby food. You don’t even need to buy new baby gear; you can find quality second-hand items that can serve you and your new baby.
Have Multiple Sources of Income
With the current economic climate in Nigeria, having one source of income is risky. Now, with a baby, it is almost unwise not to have multiple streams of income. Improve on a skill, learn new ones, and diversify your investment portfolio. You and your partner should look for new ways to make money so that your child will enjoy a comfortable life.
Save For Your Child’s Future
Expenses are a lot already and saving for your child’s future might not be the easiest thing to do, but your baby will thank you for it. Start where you are and build up as your income increases. Save for education, clothing, and other needs. The Babybox Feature on the Jollof+ app was created for this. Earning up to 15.5% net interest rate annually when you save with the Babybox feature, you can give your child the future you envision.
Have Insurance and Personal Savings
Insurance and savings are essential to protect your child’s future even if you can no longer work or are no longer around. You can save a percentage of your income for emergencies and another portion for insurance.
It is a daunting thought to leave your child at any time, but it is always wise to prepare for such scenarios. Jollof+ offers a 21.6% interest rate on your savings so your money can withstand the economic pressures. You can also check out insurance platforms like Leadway Assurance for their comprehensive insurance plans.
Let Loved Ones Chip in
Finally, you can’t do it alone, whether financially or otherwise. Allow family and friends to support you however they can. They can pitch in funds, clothes, and gifts, among other things. Don't try to do it alone so that you and partner won't be overwhelmed.
In Conclusion
Children are blessings to our lives and we are grateful for them. Taking care of them and ensuring they have the best are our responsibilities. As you and your partner start this new journey called parenthood, learn as you go and train children you will be proud of.
