Post # 1
I’m on a money planning/freak out mode right now. I am just wanting to know what the “norm” is to have saved when you have your first child! i know there isn’t a “norm”…but I just keep reading things that say one extreme to another…
thank you all for dealing with my obsessive posting lately!
Post # 3
@amandasouthcarolina: I had a little over 10k saved before my daughter was born and it was fine. I’ve never had to use my savings for anything anyway.
Post # 4
Are we talking a designated savings account (for college, wedding, etc.) for the child? Or just money you have in a general savings account?
I don’t have kids yet but this is also something I’ve been thinking about lately.
Post # 5
Ugh this stresses me out. We aren’t even married yet, let alone TTC. but i doubt we will have much savings in the bank when we have our first! should we?!?!?!?!?!?!?!?!
Post # 6
In a general savings account? I hope we would have at least $25K + in savings before we even thought about TTC. I don’t think I would have a separate savings accounts designated specifically to having a baby (like day to day needs). I would have a college fund set aside for them though.
Post # 7
- Wedding: June 2013 - Upstate NY
It all depends on if we want to use our savings to take a vacation or if we want to save for a baby… ha! Vacation sounds like so much more fun
Post # 8
I don’t have any savings specifically designated for a kid. However, besides a crib, I have all the trappings my kid will need for the first 3 or so years (I prepared ^_~). We will start building up a college fund when I find out I’m pregnant.
As it is, my husband works for a university – our kid will get half off on tuition if he/she goes there (it’s a good school, so). The hope is to save up the other half of school funding. To be honest, whether it’s college or a trade school, I don’t really care as long as it’s a thought-out and employable decision.
Post # 9
im pregnant now, and we are about to use all our savings paying off our house and buying all the baby equipment we’ll need for first year(bassinet, strollers, diapers etc)…so whilst technically we wont have much in the way of savings…we wont be paying off a mortgage/rent so we’ll be fine.
also expenses here in mexico (daily living but esp for college)are waaaaaaaay less than the US.
Post # 10
No savings here. If we waited until we could save money, we wouldn’t have kids.
Post # 11
- Wedding: October 2011 - Bed & Breakfast
Well DS was unplanned, and I was 17, so “flat broke and SOL” was a good way to describe that financial situation. This time, if we TTC, we’ll have very healthy savings already in place and enough left over in our monthly budget to afford a nanny and all of the stuff that little ones need without stressing over money.
Post # 12
I find this a weird question because we have money saved up but it’s not really for the baby. We spent some on home renovations & some will be put into longterm savings but ultimately we earn enough that all our baby stuff can be purchased as we go from our incomes.
Post # 13
@amandasouthcarolina: I’m not having kids, but I know my parents had about $5000 saved up and had already purchased a home. I was born in 1980.
Post # 14
No savings but we’ve purchased a home.
Post # 15
We currently have about $16k in a general savings account (our “nest egg”), but have no plans of touching that unless we have to. We’re hoping to start TTC within the next 6 months. Ideally, we’ll be able to afford what we need for a baby without dipping into savings, but I’d like to save up about $5k-10k in case we need it for baby expenses or medical bills. There’s a chance I won’t be working for a few months (depending on when we get pregnant), so it would be nice to have a little extra sitting around while we’re on one income. We’re also about to start saving for me to trade in my sedan for a mid-size SUV, so we’ll probably need about $10-15k for that.
I should note that I’m doing a one-year residency, and that we’re used to living off DH’s income while I was in school. We’re hoping to be able to save a large portion of my income for the next year to make things easier later on. However, we’ve decided that we do NOT want money to be a sole reason to post-pone TTC…we’re fine financially right now, and though I’d like to build up our savings more and get a new vehicle, we could totally make it work just as we are.
Post # 16
We will have 9 months expenses (around $75k) socked away before even trying, more than that when the baby arrives. Since anything can happen healthwise, we want to be prepared with a very large cushion just in case! My coworker recently had her baby 3 months early, and with the complications, is not sure she will be able to return to work for at least a year. That would ruin us financially if we didn’t have the cushion. I know people don’t usually have that kind of cash saved, but for us, it is non-negotiable.