Financially Preparing to TTC

posted 2 months ago in Babies
Post # 17
Member
70 posts
Worker bee

Breastfeed, it’s great and free! Saves your shit tons on forumla and bottle washing etc. 

If childcare fees  are ridiculously high have you talked about staying at home longer with bub ? Depends on your salary but I know mums who dont work because they would just be paying childcare fees! 

I’m not in the US so my delivery was covered under insurance but I dont think having a baby is that expensive. We travelled heaps before and went out for dinner and drinks a lot more, now we dont do them as often so our spending has just shifted. I’d even say we probably spend less with baby now than prior but that depends on your lifestyle 

Post # 19
Member
477 posts
Helper bee
  • Wedding: June 2017

Agree with PP- the actually birth and of course childcare are your big costs. However, diapers, wipes, and formula are also costly. You can probably do some cost estimates online but I’d say we end up spending around 200 bucks a month in formula wipes and diapers. Amazon home has saved us some money. There’s also the up front costs of all of the “things” that babies come with (crib, stroller, car seats, high chairs, etc). Again, you can save here and there and you certainly don’t need ALL of the stuff, but some of it can make managing them sooo much easier. We’re on our third baby, so after a while it just becomes a part of your budget but I must admit, I’m very much looking forward to no more diapers, formula, and childcare costs (in like 5 years). Good luck! 

Post # 20
Member
875 posts
Busy bee

We have an HSA, that we dumped money into in preparation for a couple years — so that’s not on our radar but living in a mid-size Midwest city:

– College Savings for a mid-price school (approx 25K/year): $333/month from birth

– Infant Center Based Childcare: $1,495/month 

– Budgeting what others have said for formula/diapers. 

– We were surprised by the “start up costs” of having a first kid. Obviously you can keep the costs down by buying second hand, but even for a moderately priced crib/bassinet/rocker/changing table/car seat/stroller you’re looking at a couple thousand dollars. That’s only for things in the NEED category. Just a heads up because that was the part we were least prepared for.

Post # 21
Member
1165 posts
Bumble bee
  • Wedding: June 2016

Darling Husband and I scoped out the cost of childcare in our area and once we started TTC we put aside 50% of that cost each month. Once I got my positive we upped that to 100%.

That money will be used to pay for my maternity clothes, baby items (crib, carseat, stroller, etc), any delivery costs that may be incurred, and baby needs in the months before starting daycare. 

We’ll continue to put that money into baby-specific savings until we actually start paying daycare (~5-6 months old). By that time we should know what our monthly budget needs are with the new kid so can adjust our budget accordingly – it’s just nice to have a slush fun to rely on while we get a few months under our belt to figure out what the financial needs will be going forward.

ETA: Given that we TTC’d for nearly 8 months at 50% contribution and then 8 months at 100% contribution – we’ll have accumulated quite the slush fund that won’t actually be used up by the above expenses. We’re still TBD on how to best utilize excess money – college investment? House investment? Retirement? Investment funds? We won’t require that it’s baby-related as long as it’s pushing our financial goals forward.

The exercise of 100% daycare into savings is more to get us prepared to pay that monthly and make sure we have a slush fund for baby-related expenses immediately before and early months after delivery.

Post # 22
Member
7280 posts
Busy Beekeeper

TravelingBride31 :   It took us so long to get pregnant that about 1.5 years into the process (right before IVF) we took a chunk of the “baby” savings and treated ourselves to 10 days in Europe. We still had plenty for start up costs and the unpaid part of my leave and we really needed the break. 

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