Being a mom is one of the most rewarding, challenging and demanding jobs possible. Sizo Mkombe, head of Management Accounting at Liberty, shares her financial and emotional journey as mom to two young boys, three-year-old Takunda and five-month-old Nyasha.

Growing up both my parents made significant sacrifices for my siblings and me to make sure that we would be well provided for. This was not always easy and it required both personal and financial sacrifices.

My mother went back to study medicine full time at the age of 32, leaving my siblings and I with my grandparents. We lived with my grandparents for three years, after which my dad decided he wanted us to live with him as the separation pained him too much. So he had to raise two girls while his wife, my mom, was completing her medical degree.

These sacrifices meant that they were able to pay for all for four of us to complete our studies at UCT without student debt. I want to be able to offer my sons the same opportunity.

Providing for my children financially
The first decision I made three years ago was to take out the education builder investment for Takunda. What attracted me to this investment is that should my son decide not to pursue studies he is free to use the funds for anything else that may be of interest to him at a later stage.

I also took out an educator cover which ensures that my son’s education will be provided for at private school rates when I am no longer around. I also took out life cover, dread disease cover and increased my contributions towards my retirement so that I will not be a burden to my children when they are adults.

I have a will in place but it has to be updated, I have been procrastinating but I know I need to get it redrafted as soon as possible to provide specifically for my children.

Providing for them emotionally
As a mom, time and career progression sacrifices have been necessary. Before considering any job offer I have had to assess how much more time I would need to commit to the new role and how that would impact the time I spend with my children.

I used to go to gym four times a week, now I can’t because I have to split time between school pick-ups, work, quality time with my husband and time with children. But that is the sacrifice you make when you become a mom because there are also so many rewards, like the way my sons’ faces lights up when I enter the room and the words “we love you mom, you are the best” is written all over their faces.

In as much as I know that I’ve made a lot of mistakes as a parent, it is those smiles that warm my heart and remind me that love never fails. Parenting has taught me the true meaning of unconditional love and has also revealed how much my own parents love me.

5 ways to secure your child’s financial future:

1. Have a will: Make sure you make provision for your children if you’re unable to be there for them. Consider including a testamentary trust in your will to safeguard their assets.

2. Protect them: Make sure you have life cover that will provide for their education and living costs until they are financially independent.

3. Educate them: Unemployment rates among young people globally are a growing and concerning trend. Access to quality education is becoming increasingly important so start saving for their education as soon as possible.

4. Give them a head start: Let the power of compounding returns work for your child by opening a tax-free savings account for them that they can add to once they start working.

5. Look after yourself: The greatest gift you can give your child is your financial independence. Make sure your own finances are healthy and that you’re taking care of your own retirement. 

What will happen to your Own your life Rewards

If you are a member of the Own your life Rewards programme you should by now have received notification that we are winding down the programme which will be discontinued next year on 31 March 2017.

For more information on this, please contact your financial adviser or visit www.ownyourliferewards.co.za.

For the 2015 financial year, we paid out R3.57 billion in valid claims to our customers and cancer remains the biggest cause for claims. We take a closer look at the cancer figures, as well as ways to prevent becoming another statistic.

At a career crossroad or considering a job change? Don’t let money lead you down the wrong path.

But what are you actually doing about it? The difference between a wealth creator and a wealth destroyer is how you spend your money. Here are 6 ways to create wealth – now!

South Africa faces the prospect of having our foreign credit rating downgraded to junk status. We look at what this means, especially for your investments.

Got a question? We're here for you!

Thank you for the feedback we have received on these newsletters so far. Your comments and suggestions will help us to give you relevant information for planning and managing your finances. Please keep talking to us and telling us what you think by contacting us via the channels below.