Co-Parenting tips to save money

19/08/2019

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

Surprise your dad this Father’s Day
Sunday is Father’s Day! While many of us can’t gather around the table to share a special meal with those we call “dad”, there’s plenty of ways to make this Father’s Day meaningful. Here are some ideas.

Publish Date: 19/06/2020
Read more
Personal Loan up to R250 000 Online
Get a Personal Loan up to R250 000 from African Bank. Enjoy our low interest rates and flexible repayment schedule, with easy online loan application. We Say Yes More.

Publish Date: 07/07/2020
Read more
Tips to cut costs and save money
In a time of economic uncertainty, we could all use some tips and tricks to guide our spending. These are a few of the things you can do to cut costs and save some money

Publish Date: 13/07/2020
Read more
Protect yourself against card skimming in South Africa
Card scams are on the rise in South Africa, leaving many completely blindsided and with empty bank accounts, or debts they didn’t sign up for. How did the theft happen? We show you how in this blog

Publish Date: 16/07/2020
Read more
Why opening a fixed deposit investment account can benefit you?
Invest today with a Fixed Deposit from African Bank. Enjoy SA’s best investment rate at 12.33%, along with an easy online application. We Say Yes More

Publish Date: 05/08/2020
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'.