Post # 1
Just out of curiousity. Obviously location plays a large factor, so feel free to include that in your comment. If you were not on a single income when you had a baby, you can combine your salaries. I hope this isn’t too personal!
For bees who have not yet had a child: how much do you WANT to be making the year you have a baby?
DH wants to be making A LOT before we TTC. Not that I want to try now, but I’d like to be comforted by those who have already been through this.
Post # 3
I guess this would be better fit for the Money boards? Maybe?
Post # 4
@Ms.Pink: We want to start trying when I turn 30 (about 2.5 years) I will be making 80k and he will be a teacher making between 30 and 40? He is going back to school now so his income is an estimate. He will be mainly responsible for the child care. It was important to me to wait to establish myself bc my mom stuggled as a single mother and I vowed to make sure it was different for me.
Post # 5
DH and I make slightly over 6 figures right now, and we are not ready or trying to start TTC for the next 2-3 years. Ideally- we both feel we would be more ready to TTC when we have a house and have a nest egg built up a little more for emergency money.
Also- I am selfishly waiting because I just don’t feel quite ” there” yet. A lot of my friends are, and DH’s friends are definitely there, we just aren’t yet.
ETA we live in TN
Post # 6
Ideally $150k but we’d be comfortable with $125k. I’ll be staying home after we have a baby so this will be based on solely DH’s income. I know that we could have a kid on MUCH less (median household income in our area, Upstate, NY, is $60k) but I really don’t want our standard of living to change so having a hefty income is kind of necessary to assure that. Thankfully we’re not far from the comfort point currently but we still have a few years left before we TTC so our income potential should only go up from here.
Post # 7
It sounds almost ridiculous when I say it out loud… but I don’t feel like we could afford a kid until we were making about 150K. We’re at about 130 right now and there is no way we could pay for daycare. I think another 20k/year (which would be about 10 in our pockets) would make me feel a lot better about being able to afford daycare.
Post # 8
We’ll be making at least 6 figures when we get married, so definitely not less than that. And we also want to buy a house (I own a condo but it’s not what we would consider “kid friendly”) and get a little bit more established before TTC.
Post # 9
wow… I guess I’m not used to people being so well of… but if my parents waited until they made a combined income of 150k… I would have never been born… and my FI would REALLY have never been born? My question to those bee’s that have such hi standards?? do you live in super high income areas such as DC metro area, NYC, ect???
For me I know what FI and I can live off of. I don’t think we need to be living a cush life… but the income level has to depend on where we’re living, the state of the public school system in the area, and how many vacations we want to take (honestly I don’t think we need anything other than camping trips!)
Post # 10
Just to pay our bills and neccesary expenses we need to make $110k. This is not a lavish lifestyle just the cost of basic bills and expenses. Last year DH and I made about $150k and are trying to figure out how DH’s business can make $110k alone as the baby will be here soon.
So I think the question might be is how much extra people were making over the amount needed to live on. My parents certainly didn’t make that when they had us but then their first house was only a 3rd of what it is now, so everything is relative.
Post # 11
We’re at around 90k now in Chicago, with him bringing in about 65% of the income. But we’re moving to the UK in a year or two, where he will most likely be the only person working since he’s a citizen and I’m not. I hope he is able to pull in around 70k-90k per year, which should be doable based on his job type, by the time we are TTC in 3 years.
Post # 12
We are TTC within a few weeks and make roughly 120K. In our area this is considered more than just stable, especially for our age. Any less than we make now though and we’d have to do some pretty serious budgeting to make sure we could continute to live as we do (comfortably, but still with luxuries).
Post # 13
@Woodstock: we live in a very affordable area and do really well for ourselves– there are just a few more ” things” we want to have and experience before we add kids to that mix. If we were to find out tomorrow that I was pregnant, it wouldn’t sink us financially or be something we couldn’t accomodate, it is just something we aren’t quite ready for on a more person level haha ( and by “we” I really mean “I” lol)
Post # 14
oh dear god i am poor. that is all.
Post # 15
gah… well we make around 85K a year combined… we do live in the midwest though… so yea… we get by just fine and have plenty left over for this and that and for saving. i think we will be just fine when baby gets here in january 🙂
Post # 16
DH and I make around $190K together – however DH has massive student loan debt thanks to law school (private one) that accounts for about $40K a year which we see no tax benefit for. That has us around $150K right now and I feel we are fine for the time being. I mentioned in another thread that we are working towards a pre-TTC goal of no debt (except for mortgage and student loans) which has us collectively with about $2500-3000 in “extra” per month after our bills.
Idealy before I have a second child I’d like to be making more than $100K myself (I’m at $80K now and hoping for a raise in early 2013 which will push me to $92K). This way if I chose to work flex time and only 4 days a week (meaning 80% of the pay) I’ll still be where I am now.
We live in metro Detroit – so an average cost of living. However we like to travel (usually around $8K a year), we drive nice cars and definitely have a taste for some splurges each year. A lot of my income requirements come from my want to save up enough money to afford my children some of the luxuries I was afforded (i.e. a Car at 16, private highschool if we choose, undergraduate tution, living expenses through college, etc) – so we need to start saving NOW.