Post # 1
DH and I have been discussing about our financial situation and when we’ll be ready to TTC. Recently, he has been saying that we need to have enough to pay for medical costs (which I agree) and living expenses of at least 6 months. I am just not sure if we can have that much since I get a student salary and recently decided to quit my lower paying job to focus more in school. He doesn’t have a good job yet, but I am here wondering if you bees out there had savings along these lines. If not, how did you do it? Please share your experiences.
Some days, this type of thing makes me realize we are far from ready!
Thank you so much.
Post # 3
- Wedding: November 2011 - Florida Aquarium
Six months security would be lovely. Our little surprise is currently baking for another 7 or so weeks. When I got pregnant, I’d say we had a solid 2 months, if both of us lost our jobs. Now, we are using some of that to cover my unpaid mat leave, but we’ve been able to save mostly new money for that. Thanks to Obamacare, lots of female health stuff is totally covered. I don’t have a copay for my multitude of OB appointments, ultrasounds are covered, my hospital stay is completely covered– I also get a free breast pump and lactation consults. All that is to say that medical costs may not be that much.
Do we wish we had more of cushion? Sure. But we’ll be just fine.
Post # 4
@Mrs. Gremmlin: Thank you for sharing. We actually have good savings, but without my additional job, we might have just enough to pay for living expenses, so we are leaving the savings for cushion until he finds something better.
Post # 5
- Wedding: November 2011 - Florida Aquarium
@candy11: I sort of feel that unless you are super well off, you’ll feel that you’re “making it work” with a kid. And that’s okay. I also think it’s part of the transition– we have pretty good jobs, but adding a third person regardless would put a bit of a strain on the budget.
Post # 6
- Wedding: November 2013 - St. Augustine Beach, FL
I would like to save up 3 months at least but 6 months would be better in case the baby comes early or has health problems that would require me taking additional time off work.
Post # 7
We had a fairly huge savings when we started TTC, but most of it is our 20% downpayment for our first house (hopefully before the baby gets here in February!)
Post # 8
Its not a matter of how much, but what do you need to cover
- $ to cover living expenses if you get put on bed rest and cant work up to delivery date (if you cant cover with one salary)
- $ to cover living expenses during maternity leave (if you cant cover with one salary)
- $ to cover medical copays expenses
- $ to cover minimum baby expenses (even used stuff cost money) diapers, cribs, wipes, etc (some of this you may need to save for IE crib, other weekly expenses you need to be sure can be covered with your salaries)
- $ to cover daycare when you return to work, if needed. (this doesnt need to be saved up, but you need to be sure you can cover this expense with your salaries.)
- $ a cushion because there are always expenses you didnt think about. Extra gas driving to the hospital if baby ends up staying for a few weeks for some reason. Formula if you dont want to/cant breast feed.
- And what I think is very important. Retirement. You dont stop living when you have a kid. You should be able to save something each month for retirement when you have a kid. You have no idea how important this is until later in life. The money you save now will be the most valuable when you retire. You WILL NOT be able to catch up by saving more later in most cases. In other words, you should not be living paycheck to paycheck.
There are lots of ways to save money and reduc your living expenses if this seems like a lot, because it doesnt have to actually be a huge dollar value. Your decisions will determine what you need to save and live on.
These are all numbers you can figure out for yourself.
Post # 9
About 15k. DHs salary is enough for us to live on and we will be buying a house soon with a lower mortgage payment then our current rent.
Also we upped DHs life insurance and bought a small policy for me in case anything should happen once baby is here. We are also going to work on a will soon.
Post # 10
We currently have about 18 months of living expenses in savings (will likely go down to 6 months if/when we buy a house), but our main concern is making sure that DH alone brings home enough that we don’t have to touch the savings, since our ideal plan is for me to stay at home.
Post # 11
We have 8.5 months of my (higher) salary saved… But we just sold our house this summer and it was a perfect ‘flip’ scenario so it basically doubled our savings after realtor expenses… Before we deliver we will have at least a full year in the bank, but it was supposed to go towards a new home down payment … All of our plans are on hold now while we figure out if we can move or not and sacrafice fmla, disability and our awesome health care…
Post # 12
@BrandNewBride: Yey hope you guys find your dream house by the time baby comes!
@ThreeMeers: Great list! Thanks 🙂
@lovemygsp: 15k sounds like a good number. Luckly we already have life insurance.
@UsagiTsukino: Yes, ideally, I would like for DH to make enough to pay our monthly expenses. He is not there yet 🙁 If we can just save what I get we would be good.
@MySunshine: A whole year in savings would be wonderful. I would be happy if we can save for 6 months. When are you due?
Post # 13
We will actually be debt free by the time the baby comes, both with comfortable incomes, but no substantial savings. This wasn’t an issue when we decided to TTC, we knew we had to start or it may never happen if we wait for the perfect financial situation. DH does make enough to make ends meet if I had to take more time off work than expected. We having plenty of support should we ever need a leg up with anything, but we’ve always been independent, DH has supported me through nurisng school, without asking our parents for anything, so we expect to keep working hard and suceed without burdening anyone.
Post # 14
@candy11: If you had a poll, I’d be happy to vote but I am not going to just announce my savings, lol. What you’ve suggested sounds responsible and I think it’s the best approach. It drives me nuts when people have children they can’t afford and then my taxes have to compensate for what they lack.
I can’t imagine bringing a child into this world without at least 20 grand in the bank. I believe in being prepared and I want to give my child a good life where s/he wants for nothing. It’s how I grew up and I am not going to raise children in a struggling household. I would also need to have both my career and my partner’s in order first.
Post # 15
@MrsPanda99: you’re a Grade-A mind reader. Im pretty sure I could just follow you around the boards and just “+1” everything you say.
Post # 16
@MrsPanda99: Wow. Well good for you and your children. I’ve heard that the best personalities are shaped by “never wanting for anything” 😉 It’s really not fair for you to presume that anyone who doesn’t have 20k in the bank when they conceive is going to be either a burden on tax-payers or raise their children in a struggling household. That’s a lot of assumption 🙂
@candy11: We were not planning on TTC for a couple more months but we got a surprise 🙂 So instead of having the $5000 we wanted to have saved, we only have about half. We are saving as we go now 🙂 Living on our current budget we will have enough to cover all the costs of the baby, labor and delivery, and 2 months of my time off. True, something could happen that would cause me to have to take more time off but if need be, we could probably live on DH’s salary and just tighten up the budget more. We’ve already bought a house, and own two very reliable vehicles. Even though we’re not in the “ideal” situation, I think we’re going to be wonderful parents and I think our baby is going to have everything it needs 🙂
You guys definitely sound like you’re heading in the right direction as far as saving, but don’t feel like you have to have a small fortune saved up to have children. More than anything, a baby needs two loving parents. And it sounds like your children will have that :
Edited slightly because I was probably being a bit too bitchy to MrsPanda 😉 These preggo hormones are making me speak my mind a little more freely these days. Sorry