(Closed) How much do you need to save each month to feel secure enough to have kids?

posted 6 years ago in Money
  • poll: How much would you need save every month to feel secure having kids?
    No savings, incurring debt : (0 votes)
    Just breaking even or paying off credit card debt : (0 votes)
    $50-500, renting : (5 votes)
    16 %
    500-1000, renting : (11 votes)
    34 %
    1000-3000, renting : (5 votes)
    16 %
    3000-5000, renting : (5 votes)
    16 %
    $5000-10,000, renting : (0 votes)
    10,000+, renting : (0 votes)
    $50-500, owning : (6 votes)
    19 %
  • Post # 3
    Member
    7293 posts
    Busy Beekeeper
    • Wedding: October 2011

    Would you be staying home and living off of the saved income or is this with working, just the extra for the raising of kids?

    Post # 5
    Member
    575 posts
    Busy bee
    • Wedding: July 2011

    I am probably not the best first answer but here it goes. My husband and I own our home, and we try to set aside as much as we can. My husband is very nervous about the costs of the children, but I try to keep in mind we both make pretty good money, and know people who have raised kids with much less. We plan to both continue working, and we will just make it work. Sorry I don’t have anything specific, we have a safety net, but I think if we were to wait till we felt financially comfortable, we may never have kids. I know so many people who make incomes I would be happy to have and they still have money struggles…. so idk, but I have faith when something is important you just find a way! I am be nieve! lol

    Post # 6
    Member
    12973 posts
    Honey Beekeeper
    • Wedding: November 1999

    I put 1-3k and owning in the poll, but I meant 1-3k in my actual savings; that’s separate from our deductions to 401Ks.  Saving 1-3k per month is actually on the low end of what I’d like, but it’s something!

    Post # 7
    Member
    10288 posts
    Sugar Beekeeper
    • Wedding: October 2011

    I’d like to have a decent amount in savings before we TTC. You just never know what’s going to happen. I know a couple who’s infant daughter ended up in the NICU at 3 weeks old and incurred thousands of dollars of medical bills (after insurance). Now the family is struggling to make ends meet. That’s probably not what you wanted to hear but these are the things I think about when I start getting the itch to reproduce. It’s true that if you wait until everything is perfect it will never happen but atleast for us, we need a safety net in order to feel comfortable taking that next step. I don’t know how these people do it with next to nothing but I’ve got a lot of respect for them. However, it’s not a life that I would want for myself. 

    Right now we rent but we’ll own before we reproduce. I’d like to save $2k+ per month which could be done if we really stuck to a strict budget (I’m not very good at that). Ideally, having atleast 6 months of income saved would be great but I don’t know how realistic that goal is. 

    Post # 8
    Member
    24 posts
    Newbee

    I really don’t think is something that you can actually put a price tag on. Both my husband and I are chemist and I had my daughter why in college and my son right after. You can’t really tell how much you need to have before having kids. WE have our home, enjoying our kids and going alone with what life has to offer. Thats the enjoyment of it all and stop worrying about how much to have in your bank account before having kids.

    Post # 9
    Member
    10288 posts
    Sugar Beekeeper
    • Wedding: October 2011

    @jangbeh24: With all due respect, I don’t think thats the best advice. I do think that people should be concerned about finances. You’re adding another mouth to feed for atleast the next 18 years. If a couple can hardly keep themselves clothed and fed then they’re probably not in the best position to have a child. 

    Everyones comfort zone will be different. I’m sure there are people out there who think it’s crazy that I wouldn’t want to have a kid unless I was saving $2k+ per month but that’s where we’d be comfortable. Unfortunatley, I’ve seen first hand what having kids before you’re financially ready can do to a family. They “make it work” but it’s anything but easy. I’m sure they’d agree that having more of a cushion would have made their lives much easier. It all depends on the quality of life you want to lead. 

    Post # 10
    Member
    24 posts
    Newbee

    @UpstateCait:  My point is, this is what life is. I understand your point but what’s life all about to you? You could wait and save all the money in this world before having kids but while if something tragic happens? Will you regret waiting? Anyways, it’s how you see things, go ahead and save.

    Post # 11
    Member
    5428 posts
    Bee Keeper

    I guess it depends on your perspective on how parents are supposed to be.

    I didn’t have any savings, nor did I think about saving when I got pregnant. I could not buy my son OSH KOSH clothes and disposable diapers all the time or ToysRus stuff, but he is 25 years old now and survived the “poor” house! I was a single mom, working partime, and on social assistance. (I didn’t go to work until he was in kindergarten, so he was 4 years old) My child went to school from 9-3 and I would drop him off at school and pick him up afterwards, until he was old enough to be on his own, then I got a “real” fulltime job.

    That is what I did. I am not belittling those who have to work fulltime and get a nanny. 

    Post # 12
    Member
    335 posts
    Helper bee

    Where I am daycare is $1200+ a month so we’d need to have more than that left over in the budget. Not counting 401k, that’s separate and not something I’d cut back on after having kids. There are things that could be cut out to make room for baby expenses, but I’d want to start with a good cushion. Thankfully by the time I TTC I’ll be done with student loans so that will help a lot.

    Post # 14
    Member
    915 posts
    Busy bee
    • Wedding: December 2012

    The large cost is childcare, many people have different options for that so money saved every month will depend on what you have lined up for childcare. When I had my son we paid $600 a month in childcare and $100 in formula, $150 a month in diapers, and about $100 in misc. We are thinking of trying for a baby next year and I would be comfortable with being able to save $1500 a month now, counting on $1000 a month for extra baby expenses and then Putting $500 a month in savings. How I felt after having my son was that there really wasn’t so much that they actually needed, I could have gotten by with way less.  

    Post # 15
    Member
    1238 posts
    Bumble bee
    • Wedding: August 2012

    this is an interesting thread! we are playing to TTC this fall, and we will have almost 40K in student loan debt, plus other debt from lines of credit, etc. Happily, it seems that the wedding WON’T put us into debt, yay!

    I know that we will save what we can, and pay down out debts bit by bit. I’m 34, and can’t wait much longer. I just hope we don’t run into any conception troubles.

    With the support of our families and friends, I know we will have more than enough of what we need to get us through. I don’t want to raise my child on brand name, brand new stuff anyway- i’m a thrift store, re-user type of woman. I won’t be putting them into child care either. We will arrange our work schedules so one of us is home every day, or have my Mom help.

    $1200 a month for child care? I had no idea. That’s harsh. The first 5 years are SO formative, that I plan on spending as much time with my new little human as possible!

     

    Post # 16
    Member
    10367 posts
    Sugar Beekeeper
    • Wedding: September 2010

    Day care costs about $2000 a month where I live, so we’d have to have $2000 extra each month for each kid. Plus, a little extra to save for retirement, college, security fund, etc. I’d say $5-6000 extra for 2 kids, $3-4000 extra for one kid would keep me from freaking out.

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