Co-Parenting tips to save money
Relationships don’t always go as planned and when children are involved, the split can be even more challenging to navigate. Learning to co-parent well and share the costs will require both parents to make an effort for the sake of their offspring.
If you're just entering the co-parenting waters, these 4 tips can help you navigate a difficult period in your life and save money in the process:
For co-parenting to work effectively, communication and participation is important. You are more likely to agree on how child-care expenses should be divided if you can discuss them beforehand and agree on them together!
Through honest communication, issues such as monthly affordability, goals, future plans and expectations can be put on the table by both parents.
- Consider a joint account
When it comes to childcare, both parents need to contribute financially. We know that money can be a sensitive issue to discuss, especially after a split. Having a joint savings account, where you both can save money for future goals and take care of day-to-day expenses, offers transparency and can help to eliminate some of the stress of co-parenting.
African Bank offers South Africa’s first account Made to Share — MyWORLD. This bank account offers you the unique ability to pool your resources together through shared banking, all while enjoying South Africa’s lowest banking fees.
- Create a Co-Parenting Budget
Creating a budget for shared expenses makes it so much easier to prioritise the financial needs of your offspring. For this to be done effectively, the lines of communication need to be open so that you can both agree on what this budget should look like.
Your budget should reflect all the child-related expenses and accurately detail how much each of you will contribute. Depending on who the child/ren live with, there will be some expenses that you're each assuming sole responsibility for. This should also be in the budget.
If you want to keep each other accountable for this budget, look into mobile banking apps which can help you manage the financial element of co-parenting. One such app is the African Bank App, which offers a seamless and simplified way to bank, transact, save and more, anytime and from anywhere.
4. Save for emergencies
One of the best ways to manage co-parenting stress is to save together for emergencies that could potentially strain an already difficult relationship. To do it properly, you need to understand the basics. We break it down for you here.
Navigating child support when co-parenting can be stressful, but if you can remove the emotions and focus primarily on caring for the child effectively, things will be much smoother.