Sage advice for new moms

CHECKLIST: UNCOMFORTABLE, BUT DRAFT A NEW WILL AND UPDATE YOUR INSURANCE

New mothers have plenty to adjust to, but while on maternity leave, it makes sense they review their personal finances. Taking the time to ensure you and your newborn are adequately provided for will give you peace of mind while you are adapting to sleepless nights and many new responsibilities.

Firstly, check you and your partner are receiving all the benefits to which you are entitled. Some companies offer lengthy paid maternity leave, flexible working hours and other perks in order to recruit and keep outstanding staff.

According to SA labour law, mothers are entitled to four months unpaid maternity leave.

If you have been a UIF contributor, you are eligible to claim for a maternity benefit of up to 58% of your remuneration, depending on how much you have been earning.

Also, the parental leave period increased this year from three days to 10 days, so your partner may be able to spend more time with the baby.

Check online at https://www.ufiling. co.za/uif/maternity-benefits for the UIF documents and forms you need to submit.

Sarah Nicholson, commercial manager of personal finance website justmoney. co.za, and mother of two boys, suggests a handy checklist.

Draw up or amend your will: This may not be pleasant, but it is one of the most important things a parent needs to attend to.

You need to specify who will inherit your estate and how you would like your assets to be allocated.

You also need to choose an executor, who will make sure that your wishes are carried out.

Choosing a guardian for your child is another major consideration, as you will naturally want someone who will be able to raise your child in a way that you would approve of.

This means taking into account their values, parenting style, and whether they have sufficient money and physical stamina to do so.

Update insurance: This may be an uncomfortable subject, but imagine not being able to care for your child. Both parents need insurance, because even if one is a stay-at-home parent, paying for someone else to take care of the child, housekeeping and administration adds up.

“With lockdown, many people have realised how much they have saved without eating out and ordering in.

“Try to keep up these new habits. Saving even a small amount every month will add up to a tidy sum,” Nicholson says.

Check out the “Deals” tab on justmoney. co.za.

Listings currently include a baby shop, offering up to 75% discounts while stocks last; earning back up to 30% of your spend in cash when you shop for health and beauty products at a pharmaceutical chain and a free subscription to an online learning