(Closed) Can we afford it?

posted 6 years ago in TTC
Post # 3
Member
2324 posts
Buzzing bee
  • Wedding: August 2012

@star_dust:  Hi! I’m just starting the TTC phase myself, but I had the same concerns and found that babycenter.com has a baby cost calculator – it doesn’t include prenatal and birth-related costs, but it’s helpful to get an idea of what to expect for everything else.  Good luck!  I hope that your TTC journey, whenever it may begin, is a short and successful one!  🙂

Post # 7
Member
236 posts
Helper bee
  • Wedding: May 2013

@star_dust:  Star-dust, we are not trying to conceive yet, probably in the next year or two. So I cannot answer your question on cost, though the calculator listed above is probably a great resource.

I will say, we have had similar apprehensions around income and earnings potential. What I will suggest, is do NOT rely on “earnings potential” to feel secure in your financial future. It’s not reliable, guaranteed and anything can happen. What I mean is, if you do not feel comfortable bringing a child into this world on your current (right this moment) income, then I would suggest waiting longer.

I am not trying to sound harsh and an of course you cannot 100% predict the future, but saying “if he works hard, he could make a lot” is hoping it works out. Hope is not a plan. Unless he has signed a contract with a clearly defined income layout, then don’t bank on it (no pun intended), especially in the financial sector. I have many friends who have unfortunately gone through layoff, pay cuts, salary freezes, etc in this unstable economy.

Taking this approach can save you a lot of headache and stress later if the income increase doesn’t come as soon as you thought.

I wish you two the best though in your TTC efforts and figuring out the expenses/logistic!

Post # 9
Member
236 posts
Helper bee
  • Wedding: May 2013

@star_dust:  Hmm, good point, so that is tough. I would say after he has been there for at least a year, he should have a decent idea of what his typical income is like and what times of the year his income increases/decreases. Of course the future is hard to predict, but hopefully that will give a solid sense of typical trends.

You might also consider having a hefty savings account to help get you through tough patches where income is not coming in or is lower than usual. The trouble with commission based jobs is that a lot of it depends on relationships and referrals. Until he has put in his time and has developed strong client relationships, then selling insurance and financial packages can be difficult. Once he has stable relationships and can acquire consistent referrals, his income will likely be more consistent.

Just my thoughts though!

ETA: A great way to afford a child is to purchase second hand or borrow from family and friends. This will keep your budget on the lower end. My mother is a pre-school teacher and used to be a home day care provider. She purchased toys, cribs and even clothing (to have a back-ups) from thrift shops. You can easily sterilize a lot of items and they are as good as new! During the first year, babies grow so quickly there is really no need to spend lots of money on clothing they will outgrow within a matter of months.

Post # 11
Member
772 posts
Busy bee
  • Wedding: December 2011

 Great questions. I think six months to a year will give him a good idea of earrnings. I had a friend in insurance sales and it took him about six months to feel out out.    He ultimately left for something else  but his job has red flags early on. 

Timing ttc could be difficult,  so if you are comfortable on your income alone you could try for one or two months for a summer baby,  the delay ttc again to next year.  

That is what we did.   Ttc two months.   Decided to leave my job and grad program.   Stopped ttc to get eligible for maternity leave through my new job.  

My husband also has volatile income (we own a small business) so I hear you on nothing being certain!  We try to have six months  plus in savings and we have needed it before! 

 

 

Post # 12
Member
5001 posts
Bee Keeper
  • Wedding: September 2013

Oy vey! I just did the baby calculator… $12K in the first year! Better start saving 🙂

Post # 13
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

Make sure you do your own investigations into daycare and preschool costs locally. It can vary widely. Here, $1700/month for a basic daycare (not even a fancy one!) is the norm. The same thing is about $800/month in the south where my brother lives. It makes a hige difference!

Post # 15
Member
9139 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@star_dust:  Daycare is the biggest expense. $190-250 per week for a decent daycare in our area. FH plans to stay home and use a nanny as necessary when he needs a break.

Post # 16
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

@star_dust:  You’re so lucky that your mom will be there! That’s awesome :-).

My sister in law got a LOT of the incidentals that really add up at her baby shower, as well. So you’ll definitely have a bit of a budget buffer there. The scariest expense for us is definitely daycare. It’s so expensive that having two kids close in age actually isn’t even an option for us, if we want to continue living here. So annoying to ave major life decisions controlled by factors outside of us, especially when we have good jobs!

The topic ‘Can we afford it?’ is closed to new replies.

Find Amazing Vendors