(Closed) How much did you have in your savings right before you started TTC?

posted 7 years ago in TTC
Post # 32
Member
8434 posts
Bumble Beekeeper
  • Wedding: April 2013

We’re not having kids, but if we were I would be in the camp of having 6-8 months emergency savings (approx $20k for us), own a home (with at least 20% equity), have health insurance, 401k, etc.  I just think that having kids by itself would be so stressful, so I wouldn’t want money worries on top of that.

Post # 33
Member
963 posts
Busy bee

We haven’t been TTC yet because we’re waiting to be married. However, we have talked about it and this is what I will feel comfortable with. 

I myself will save up 6 months salary ahead of time – we pay everything equal and when I’m on Maturnity Leave, I won’t get 100% of my paycheck. 6 months saved should be enough, I think. 

Then we will TTC and we will spend our money paycheck by paycheck on baby items in the 9 months o pregnancy.

 

 

 

 

Post # 35
Member
1477 posts
Bumble bee
  • Wedding: January 2011

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@swanks4tw:  The 20k comment did come off harsh, but that may not be substansial money to some people. (It is to me!) We never feel like we have enough in savings (and we probaby don’t, honestly) but I can tell you, today is my daughter’s second birthday and not once in her two years on earth have I ever thought the money in our savings account was affecting how she is being raised. I don’t want to toot our horn, but we are doing a damn fine job raising her regardless of our bank balance. 

 

If we waited to have a certain ammount in our account, we would have never had LittlePants. Life happens and it costs money. 

 

You will be fine no matter what your bank balance is. Not gonna lie, tiny ones don’t need much and love and a good attitude goes a long way after you have diapers and a few outfits!

Post # 36
Member
1477 posts
Bumble bee
  • Wedding: January 2011

I want to follow up that there is nothing wrong with a child learning denial. While I CAN afford anything my daughter wants, I absolutely will let her “want for things”. I don’t think letting her have everything she wants sets her up well for life outside of our house. 

 

I am absolutely not knocking anyone or how they parent. I just cannot imagine saying yes to her every want. First off, the kid would eat nothing but popsicles and wear nothing but Elmo pajamas. We have a strict no Elmo pajamas outside the house policy. And my child is not best associating the difference between a need and a want.  I think squashing some of the wants makes special things and occasions all the more special. Again, just me. 

 

 

I am threadjacking everywhere today. Sorry!

Post # 37
Member
11736 posts
Sugar Beekeeper
  • Wedding: November 1999

enough to cover a years worth of expenses.

Post # 38
Member
253 posts
Helper bee
  • Wedding: May 2010

We’re planning to start TTC next month. I’d say we have about 4-6 months of savings in our “emergency fund” currently, but we are saving as much of my income as we can right now so that we don’t have to touch that. I’d like to have around $20-25k saved by next summer to go toward baby expenses, medical costs, and to help supplement our monthly expenses so that I can take a few months off. We can make ends meet on DH’s salary alone, but we’d definitely have to tighten our budget if I take more than a few months off. 

Ideally, we’d like for me to work part time after having a baby. I can still make quite a good salary doing so, and it would be nice for saving, education for our children, trips, being generous, etc. I used to be much more fixated on having a certain amount in savings, being at a certain place in our careers, traveling, etc. before we TTC but that all matters so much less to me now. I just want to be able to provide a loving, safe home where we have everything we NEED and hopefully most/some things that we want. I’m just so ready to get started!!

Post # 39
Member
1019 posts
Bumble bee
  • Wedding: August 2014

whhhhhoa. 

Folks are saving a lot! Threads like this make me feel like no matter how much money we make, we’ll never be able to afford kids. Until it’s too late, of course. 

Even with our decent incomes we would take years upon years to save into the thousands, providing cars don’t break down, dogs don’t get sick, wrists don’t get broken, life doesn’t happen.

le sigh. 

Post # 40
Member
576 posts
Busy bee
  • Wedding: April 2012

I think the most important thing is for at least one of you to have a secure job that you could scrape by on for a few months if absolutely necessary. I don’t remember how much we had saved when we had our daughter, but it was probably around 6 months’ living expenses. We are extremely frugal though, so that’s a lot less for us than it would be for most people we know. The biggest expenses to account for are just medical expenses and lost salary from maternity/paternity leave. I stopped working and became a Stay-At-Home Mom after our baby was born, and at the same time we became even more frugal, so now we are saving even more every month than we were before.

In terms of any extra savings you need to by things for the baby, babies really don’t need much, and there are always ways to spend less. Secondhand clothes and toys, cloth diapers, homemade baby food, etc. There are always ways to tighten your own budget as well. The Mr. Money Mustache blog is what inspired my frugal philosophy and it has awesome tips on cutting your expenses. 

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@ThreeMeers:  +1! It’s so important to continue saving every month even after baby is here. DH and I are saving for early retirement (and also for college tuitions for our kids) and saving is the priority in our monthly budget.

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@MammaPants:  I totally agree on not giving kids everything they want. Most of the things a child needs cannot be bought. 

Post # 41
Member
1489 posts
Bumble bee
  • Wedding: September 2012

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@MammaPants:  agree! 

Post # 42
Member
253 posts
Helper bee
  • Wedding: May 2010

Too late to edit, but I should add that a big chunk of what we’re saving right now will hopefully go toward upgrading my vehicle, too! If we’re able to do that, it will require a lot of our savings from this year as we do not want to take out a car loan. My main goal was to have at least $5k for possible medical expenses and baby stuff, but that is just for my peace of mind. I do not want a big baby shower (makes me uncomfortable to think about, I’m weird), so we may end up buying a lof of stuff ourselves which is fine. So with all that in mind, and the plan for me to be off work for awhile, we came up with a fairly (to me) high number as our goal.  

We’re thankful to be in a position where we can save most of my income right now to reach our goal, but even if we weren’t we’d still TTC as long as we could make ends meet. Ultimately, I’d rather have a baby when we feel the time is right. Didn’t mean to make anyone feel bad about our number! 🙁 Hope the explanation helped. 

 

Post # 44
Member
2374 posts
Buzzing bee
  • Wedding: January 2013

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@MrsPanda99:  x1000000000000 everything u said I want for my children too 

Post # 45
Member
815 posts
Busy bee
  • Wedding: April 2014

I’d love for my children to have everything that they want, and I hope to provide them with MOST things they want, but never everything. I was raised with my two sisters by my sole-parent mother. We didn’t get everything we wanted, but we certainly got more than we needed. And she was certainly not a leech on society or tax payers. I get very offended when people assume that “poor” parents are a strain on society. Fiance and I both work full time plus I’m studying too and we don’t have huge amounts of savings $6000 at the moment I think. when we are lucky enough to finally fall pregnant I know our child will be fine, they won’t worry about money – that’s our job. When they’re older they will certainly have to get a job as soon as they’re old enough, just one day a week to pay for the extras that they want. Anyway, back to the point, I think that everyone who has a baby can make ends meet if neccessary, so don’t stress , things like this work themselves out. 🙂 

Post # 46
Member
891 posts
Busy bee
  • Wedding: August 2012

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@MrsPanda99:  +1

 

We are TTC next month. We have substantial savings. I wouldn’t want to start TTC without knowing I can actually afford everything that comes along plus any unexpected expenses, as well as maintain the lifestyle to which I’m accustomed.

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