Budget with mortgage and baby?

posted 2 years ago in Finances
Post # 2
Member
4062 posts
Honey bee
  • Wedding: August 2012

Well…this depends on a lot of things: are you going to breastfeed or formula-feed? Do you need to pay for additional insurance etc for a baby? What about saving for their education?

Post # 3
Member
9555 posts
Buzzing Beekeeper
  • Wedding: August 2012

Excluding child care, the biggest expenses for us were changing to a family plan for health insurance, and a slight rise in our utilities.

Diapers are like…$30/month. Wipes $10? I use Subscribe and Save on amazon and look for coupons. A baby’s actual needs aren’t really that expensive IMO.

Post # 4
Member
3051 posts
Sugar bee

We certainly haven’t spent $1,000 a month on our baby since he’s been here. Can’t even say we’ve spent $1,000 total actually. 

He’s not in daycare, so no cost there. 

I’m breastfeeding, so no cost there. 

We have a well, so no added water cost. 

We already had a family health plan, so no added expenses there. 

People apparently LOVE to buy baby clothes, so aside from socks and a few sweaters/jackets, we haven’t bought any clothes. 

Our electric has gone up $13 a month. 

So, our only cost has been wipes and diapers, and some toys.

It really depends on your lifestyle and what you plan on doing re:daycare, breastfeeding vs. formula, cloth diapers vs. disposal, etc etc. 

Post # 5
Member
488 posts
Helper bee
  • Wedding: July 2016

As PP’s have said, it really depends on your lifestyle.  Do you need the latest and greatest baby gadgets and furniture?  Do you think you will receive a lot of gifts and support from family? Does your work offer maternity leave?  

Darling Husband and I are planning to start TTC in a few months and the big numbers we are looking at are, the expense of me not working for 6-8 months (no paid maternity leave), childcare once I go back to work, and additional health insurance costs. 

Not having any childcare costs really makes a difference in the monthly cost of a baby.  The next biggest number is health insurance.  I know adding dependents on mine or DH’s plan costs an additional $300-$600 per month.  Otherwise, a baby really isn’t that expensive IMO.  $1,000/month is probably a decent amount to budget.  You can always put any extra money into your savings or savings for the child. 

Post # 6
Member
9820 posts
Buzzing Beekeeper
  • Wedding: September 2013

imsandradee :  Biggest expenses are childcare (or losing one salary if the woman works now) and (in the US) health insurance premiums/expenses.  Other than those, I don’t spend $1k a month on my children (1 or 2).  Fulltime daycare where I am (lower COL area) at a nice center could be $275-$300+/wk for an infant and I pay probably $400/mo for my insurance premiums only (any number of kids).  Otherwise, it’s hard for me to pick apart how much I spend when we look at everything (food, clothing, memberships, swim lessons, diapers, medical expenses, etc) but maybe $100-200/mo?  Although I defenitely can spend more than that but it’s an option (my daughter has way too many items of clothing!) but that’s just a rough guess for necessities at reasonable prices.

Post # 7
Member
916 posts
Busy bee
  • Wedding: January 2017

We have a 2 month old and don’t spend anywhere near $1000/month on him. He’s not in daycare and we are in Canada so no extra health insurance expenses. We do cloth diapers and water is included in our rent, so that was a one time expense of $200 instead of a monthly one. The worst is formula; I planned to breastfeed but my milk never came in so it’s currently about $200/month but that will dramatically increase as he starts to eat more. If you’re willing to be minimal on baby gear and look for clothes on sale and/or second hand baby’s needs really aren’t that expensive at first. We bought almost everything ourselves and spent less than $1000 total on all his gear and clothes. 

Post # 8
Member
754 posts
Busy bee

Our monthly costs are around £100/month for our baby, but we live in the UK so I’m not sure how much that changes things! 

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