Savings before Baby

posted 3 years ago in Babies
Post # 3
7281 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

For our level of comfort we always keep at least 6 months worth of all of our living expenses in readily accessible accounts (cash or investments we can tap in 3 days time). That way, if something were to happen to either of us or DS needed something immediately that we could not float from our regular monthly budget, we always have the money available to take care of things. We also carry $500k of life insurance on each of us (a substantial life insurance policy is necessary for ALL parents whose kids still financially depend on them).

Post # 4
3769 posts
Honey bee
  • Wedding: December 1999

We always have had at least a couple of months worth of living costs in our savings, right now we have about 5 months saved up and it is hard to keep saving a significant amount with 3 kids:)

 But we have also always made sure that month to month we would be making enough to cover the new expenses-plan for daycare $1000/month, increase in health insurance (from employee+1 to family) $60, on top of all the typical baby expenses (diaper, formula-in case you can’t BF, clothing) so we don’t blow through the savings. It is hard to know when enough is enough, but it is so important to be prepared.

Post # 5
992 posts
Busy bee
  • Wedding: January 2010

We have a very comfortable amount in savings, probably 1+ year or more of living expenses, but the thing that I think is most important is for people who are thinking about having kids to start living WAY below their means for a period of time before they even start TTC.

This will prepare you for maternity leave, unexpected baby and house expenses, medical bills…etc. 

DH and I made a conscious effort when we moved in together to live on only 1 paycheck and the other person’s goes into savings each month. Since we began doing that 3+ years ago, both of our salaries have increased, but our spending has not, so the extra money also goes directly into savings.

While I am planning to return to work after LO is born, I am comforted knowing that we have left ourselves plenty of cushion if anything were to happen that one of us could not work.

Post # 6
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

at least $15-25k on top of our other savings.

Post # 9
3476 posts
Sugar bee
  • Wedding: May 2012

1 year of savings emergency fund.  (I think everyone should have this, not just new parents.)

Budgeted to cover all baby needs + care (if going back to work) or one-salary (if not) plus a 10% contingency.  Practice a few months of living on this budget.

For things – I think a lot can be bought used at garage sales or make do without.

Post # 10
611 posts
Busy bee
  • Wedding: November 2012

We have about 9-12 months not including investments that we could get into if need be. 

Leave a comment

Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors