(Closed) Baby and financial planning

posted 7 years ago in Babies
Post # 3
88 posts
Worker bee
  • Wedding: November 2009

I don’t really know this answer and I’m curious what all the moms and mommies to be will say.  I do know that I talked to my brother and his girlfriend (who had a kid about a year ago) about the same fears that you have.  That I don’t think I have enough saved up to have a kid. Like you, my Darling Husband and I both have good stable jobs but we are paying off credit cards and student loans. My brother and his girl asked us how we save for our wedding.  Since we paid for 90% of our wedding on our own, I told them that we really had to scrimp and save.  We had to give up somethings in order to save for the wedding.  My brother and his gf said it’s almost like the same thing.  I still wasn’t convinced but after talking to them about it, they actually made me realize that we are somewhat ready.  The thing I realized is that some brides spend $1200 or more on a dress or on a photographer or something else wedding related.  If I saved $1200 alone, that could outfit my kid’s nursery with new furniture. If you thinking about it, a lot of us spent a lot of money for a one day celebration.  Imagine putting that same amount aside for a kid.  It’s possible.  If I could save up for my wedding budget in roughly 2 years, then I can certainly do the same when I have kids.  Yes, right now we don’t have college tuition saved up our kids.  I would love to have that but it’s not going to happen at this point.  I know I will have something started when we do have kids.  Also, my parents couldn’t afford my college tuition and I came out fine.  Also, I’m trying to prepare myself to be baby ready. There are plenty of parents who had unplanned pregnancies and they are doing fine.  I think since I’m a planner, I have always said that I wanted everything planned and put in place.  And that I never thought I was ready.  I know we’ve all heard it that there will never be a perfect time to have a kid.  There will always be excuses like we need to pay of credit card debt or student loans or we need to buy a house or we need to pay off our mortgage or we need to have college tuition save up… I could go on and on.  I think I’ve decided that if I continue to wait for the right moment, I probably won’t have kids. I’m ready to be a parent.  I’m not 100% there but I’m 80% there.  I really want to start a family so I think I’m ready and I have most of the key essentials in place.  Well, we are going to hold off a couple more months to TTC but it’s definitely soon.  I’ve had a lot of setbacks this year.  We were ready to TTC earlier this year but then something set us back and we needed to wait.  Then we were ready and then another setback happened.  After having all of those setbacks, I realized that it was just all excuses.  Looking back, those setbacks weren’t that bad. We would have worked around it and we would have made it work if we were expecting a child.

Oh, as for expenses, I’m trying to cut costs by using cloth diapers and by working from home so I don’t have to put our kid in daycare everyday.  I’ll have to change my work schedule around so its more family friendly and so will my husband.

Just like saving for a wedding, there are things you can do to save for a baby.

I can’t speak for you since I don’t know your financial situation  but this is what convinced me that we are as ready as we can be without having to wait another 5 more years to be more ready.

Post # 4
2867 posts
Sugar bee
  • Wedding: September 2010

Here are some things to consider:

Health Insurance for both of you

Medical expenses including your OBGYN, Labor & Delivery, monthly pediatrician visits + any additional testing required (hearing tests, etc).

Diapers – babies go thru 8-12 a day early on

Feeding – either the cost of formula and bottles or breastfeeding (which is free but you’ll likely need a pump, bottles & storage)

Childcare – usually a minimum of $220 a week for infants

Baby gear – stroller, car seat, crib – you can get a lot of deals but it still adds up

Clothing is probably the ONE thing you don’t have to worry about. People looove to give baby clothes when they find out you’re expecting.

That being said people have been making it work for years so don’t stress that you have to be able to pay for everything at once, there are tons of ways to save money and get by with less if necessary.

Post # 5
319 posts
Helper bee
  • Wedding: October 2010

We were not planning on getting pregnant for another year, but our little surprise is due Christmas. My husband and I were working hard to pay down our debt by the end of the year and will have some but not all of it come my due date now. It has added more stress than we need on top of prepping for baby I’m afraid to say. We are making it work now that we’ve looked into the cost of all of the items suggested below in our area, and keeping each other positive, but I’d say to try and cut expenses and try to pay down your debt as much as possible before trying. However, just know that no one is ever prepared 100% for babies and their unexpected expenses, so if you all are ready don’t feel like you have to put this off for years until you are debt free 😉

Post # 6
2313 posts
Buzzing bee
  • Wedding: August 2011

People will usually find ways to make it work even if there’s not much money to go around. HOWEVER. Having a baby is stressful enough at first without the added pressure of knowing that money is tight. I would not begin actively trying to conceive until your money situation is a little better and allows you more breathing room. You don’t have to be a millionaire to have a baby, but you also don’t want to be down to your last two diapers wondering how you’ll make it til payday when you can buy more, you know? When you get to an area where you can handle the basic expenses and be reasonably prepared for any surprise extras (health issues with the baby, health issues with YOU, etc.) then start trying to conceive. 

Post # 8
3 posts
  • Wedding: October 2006

Also think about maternity leave – you wont need daycare, but you won’t get your full salary. Check with your employer so you know exactly what you would be paid, and maybe consider looking for an employer with great maternity benefits. For a cheaper day care option, consider in home care. Bonus: your child can bond with one care provider instead of different teachers all the time at a large center. Cloth diapering and breastfeeding not only save you thousands of dollars up front, you will save long term on health care costs by boosting babies immunity and reducing exposure to toxins. WIN WIN WIN! Babies will never remember having the latest jumperoo or stroller, they would rather be in your arms anyway, so don’t let the price tag scare you out of mommy hood 🙂

Post # 9
6572 posts
Bee Keeper
  • Wedding: February 2010

You also have to consider unexpected costs. I was planning on breastfeeding, which obviously is free. Well my milk didn’t come in fast enough, so we ended up having to use bottles and pump. Renting a pump is pretty expensive, and we had to buy a certain kind of bottles and formula. My baby’s only 6 days old, so I’m expecting to have more surprises like that.

Post # 10
352 posts
Helper bee
  • Wedding: October 2012

@FireflyT:Basically, it costs ALOT of money. I don’t know how people can actually “plan” for a baby. It’s like planning to live your entire life, not possible. There are always going to be unexpected things that happen. Nobody will ever be fully prepared for a baby. Shit happens and you can’t control it. Don’t put so much thought into it. You’ll stress yourself out and that’s the last thing that mommy needs.

Post # 11
5096 posts
Bee Keeper
  • Wedding: June 2011

Childcare – usually a minimum of $220 a week for infants

And a hell of a lot more than that depending on where you live. I don’t know where you are, OP, but in my area infant day care can cost between $1500 and $2000 a month.

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