Co-Parenting tips to save money


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:

  1. Communicate

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.

  1. 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 ShareMyWORLD. 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. 

  1. 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.

Up Next

How to save money monthly
Many people are unsure of the best way to save money. As a result they’re not saving smartly, or not saving at all. Follow this guide on how to save money monthly.

Publish Date: 07/03/2019
Read more
Budgeting is as easy as 50/20/30
While most people know that a budget is necessary, many simply don’t know how to put one together. We’re here to tell you, drawing up a budget isn’t as confusing as you think it is.

Publish Date: 19/03/2020
Read more
Investing in women: An African Bank priority
Many women are now the main breadwinners in their families and form the support structures of their communities.

Publish Date: 01/12/2017
Read more
Three types of credit card fraud – and how to protect yourself
Read this blog post to familiarize yourself with these scams and know how to protect yourself.

Publish Date: 17/04/2018
Read more
Know your rights when applying for a loan
With times being so tough for many consumers, applying for a loan could give you the means to change your circumstances.

Publish Date: 17/04/2018
Read more

About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.