Giving your child the best start in life by preparing them for their education has its challenges. Raising a special needs child can be even more difficult. Being able to prepare financially can give you one less thing to worry about, but knowing how to tailor your finances towards your child's needs is crucial. Here is what you need to know.
Start early
Adapting your life and your finances towards taking care of your child is a constant learning curve. However, one thing to know in advance is planning is vital- be it finding the right school, purchasing stationery or finding the right therapist to help your child.
Discussing this with your partner so that you are on the same page can reduce the stress. It can also help you buy time to find the right financial advisor to help you map your expenses so that things do not become overwhelming.
Make use of exemptions
Parents with special needs children will quickly realise that the cost of taking care of their child is higher. Therefore, finding ways to help you save and still provide them with the best can be beneficial. It is possible to access exemptions from having to pay for school fees or getting a discounted fee. Keep in mind that this could differ from school to school, along with the type of disability your child may have.
Have life insurance
One thing that you cannot put a price tag on is having peace of mind knowing that your child will be taken care of, no matter what happens to you. Having life insurance is a great way to build a financial safety net for your child's needs long after they have finished school. You can find out how much life cover will be enough for you by using our life insurance calculator.
Start them with a routine
Getting into the rhythm of going back to school can be difficult for any child in any grade. Children with special needs will need to start earlier than other children when it comes to establishing a back-to-school routine. Establishing a routine that will make the process less overwhelming can be handy. Prepare your child by starting them two or three weeks before school starts on a routine that mimics them going to school, making the transition smoother when it's time for them to return.
Create a special needs trust
Thinking two steps ahead is something that becomes almost second nature to parents who have a child with special needs. However, remember that you are doing your best and that no one has it all figured out. Adapting your finances to cover the unexpected expenses is a juggling act that you will constantly have to adapt to, but you can start by creating a special needs trust to avoid having to cover large sums of unexpected expenses for you and your child.
