Were you / Are you prepared to have a baby, financially?

posted 1 year ago in Married Life
Member
1686 posts
Bumble bee

DD was a surprise, but we both had good jobs, great insurance and savings for a house. We didn’t prepare specifically for a baby and we were fine. If we were to go back, I would have rather saved more so that we’d have more in savings (we used a good chunk to buy our house when she was six months) but we’re fine and TTC#2.

Member
4508 posts
Honey bee

Nope. We’re essentially on one income (I work PT and my income is negligible) and have a good chunk of credit card debt but LO is due in May and we’ll just have to make it work.

Member
5129 posts
Bee Keeper

@Mrsgurzakovic:  I have a similar situation to iheartnerds. My income is laughable in comparison to my husband’s.

In any case, we are definitely financially ready for baby. My husband makes a good amount of money and has a stable job, my job has a lot of high-paying opportunities if I wanted to pursue that but I don’t, but I’m on the waiting list for nursing school (I want to be a SAHM at first anyway). We own our house, have almost no CC debt, no student loans, almost no debt – just our house, my car and our bathroom remodel in debt. But that’s life, and it leaves us with plenty of money leftover every month. I wouldn’t want to risk bringing a child into a financially stressful life, that’s how I was raised and it has altered my view on money.

Member
10833 posts
Sugar Beekeeper

After having my son just after I turned 19 I think were much better prepared now. Maybe not to what people here would consider financially ready though because people on here seem to make wayyy more than we do. I’d like to buy a house first though, my DH just got a better job and I’m a SAHM so we have everything in place if it happens without planning.

Member
7821 posts
Bumble Beekeeper

Hahahaha!  Yeah… no.  DH got a decent job this year in his field, but he got laid off a couple days before we found out we were pregnant.  We are determined to make it work!  What other choice is there :) ?  I am a firm believer in making it work, but that has been my whole life, so I am used to sacrifice and being creative to problem solve and make ends meet.  And HOPEFULLY he’ll find an even better job…

Member
298 posts
Helper bee

I was 22 and still in college when i had my son. I was NOT financially ready or for that matter mature enough. 12 years and a couple heart breaks later, I am financially able to make it happen- but not sure if fiance and I will have children. In your case, I would seek out any and all information on costs. Here’s a couple things to think about-

Diapers- If you go disposable it’ll be about 10-20/wk. i’m not sure the price if you go the cloth route.

Daycare- HUGE EXPENSE. Anywhere from 150-300 week

Formula/Breastfeeding- I support breastfeeding, however it’s your choice if you choose not too – can’s are like 15-20$ and they use about a can a week.

Clothes- They grow like CRAZY

Medical- Dr’s visits frequently.

 

As for time: kiss sleep goodbye for the next 2-5 years. :)

 edit: as for starting a family, if you don’t think you’re financial stable to do it – then trust your gut. and wait a little bit. But if it happens or you decide- humans are problem solvers and we adapt. you’ll be fine. Just might be a little bit of a struggle. Good luck to you, your hubby and your little ones on the way!  

Member
1909 posts
Buzzing bee

If I wasn’t CBC, I’d be financially ready for a baby. With FI’s income, I could easily be a stay at home mom/wife.

Emotionally I’m nowhere near ready. 

Member
4508 posts
Honey bee

@Mrsgurzakovic:  I’m not nervous. I wish we were in a better place (figuratively as well as literally. I never wanted to raise children in the house we live in but that’s neither here nor there!) but I know we’ll be fine. DH makes decent money, we have good insurance and I plan to be a SAHM so we won’t have to pay for daycare. Our children may not always get everything they want but they’ll certainly have whatever they need.

Member
515 posts
Busy bee

Nope, probably never will be either. If everyone waited til they were finanfially ready I don’t think there’d be much of a future for the human race. 

Member
1259 posts
Bumble bee

Yes, to a degree. I’m still in college and have a part time job; FH has a full time job with great benefits/pay. We are closing on a home within the next few weeks and will be getting married at the end of December. We wouldn’t have to pay for daycare because there are TONS of family members that live really close to our new home that would never charge us to watch the child; I plan on breastfeeding (if) when we conceive. So financially, we’re fine. Emotionally, we’ll be waiting until we’ve been married a few years.

Member
7821 posts
Bumble Beekeeper

@iheartnerds:  I think it is much more important to be emotionally ready.  We’ll make the rest work!  :)

Member
2130 posts
Buzzing bee

Ehh.  We have savings (not a huge amount, but a good cushion we keep adding to), stable jobs with decent insurance, and lots of supportive family and friends.  I already have tons of clothes from co-workers (seriously, up to 2T sizes), and BIL/SIL are loaning us lots of the swings, baby gyms, etc.  We’re hoping to just keep passing them back and forth!  We plan on breastfeeding and cloth diapering, which should help save money, and MIL is going to watch the baby for relatively cheap (she’s asking us to pay for a cleaning person to come in here and there).

Member
9241 posts
Buzzing Beekeeper

I don’t think we’ll ever be as financially ready as we’d want to be.  We currently make a good salary by a lot of standards, but purchased an apartment at the height of the market that we can’t sell for a price that wouldn’t leave us with 0 dollars in savings.  So, we live in a space that’s probably too small to start a family, but can’t afford to move.  i’m not really sure what the strategy is going to be if/when we get pregnant.

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Really Need your advice fellow bees

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