Post # 1
I know this could be different for everyone, depending on where you live, and how you live, but I was just wondering in your opinion (maybe what you feel you SHOULD have done) how much should you have in savings before you try to have a baby?
Just curious what peoples opinions are!
Post # 3
- 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
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
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
at least $15-25k on top of our other savings.
Post # 7
@masterteee2013: my daughter was a surprise but I was able to save up about $15k before I had her.
Post # 8
This is so interesting, thank you all. We are not TTC yet, but its always in the back of our minds, and want to be prepared. It’s so interesting how people can and DO survive with no savings and have kids, but I rather not if I don’t have to 🙂
Post # 9
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
We have about 9-12 months not including investments that we could get into if need be.
Post # 11
I also agree that everyone should have this, its just hard sometimes!!! We are trying our hardest to save what we can, and as we get more prepared and ready to ttc I will make major cutbacks!