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

posted 10 years ago in Money
  • poll: How much would you need save every month to feel secure having kids?

    No savings, incurring debt

    Just breaking even or paying off credit card debt

    $50-500, renting

    500-1000, renting

    1000-3000, renting

    3000-5000, renting

    $5000-10,000, renting

    10,000+, renting

    $50-500, owning

  • Post # 17
    Member
    7038 posts
    Busy Beekeeper
    • Wedding: September 2010

    @UpstateCait:  You are definitely NOT crazy. People who say you can’t put a pricetag on having kids must not be very good at math. It’s pretty easy to calculate and anticipate childcare, food, clothes, housing etc expenses. It’s incredibly expensive, especially when a lot of us live places with outrageous costs of living!

    Post # 18
    Member
    412 posts
    Helper bee
    • Wedding: July 2014

    I can’t provide any advice as we are not planning to have kids until 3 years out after we got married.  I think the “cost” to have a baby and months after it’s born is pretty much strict math.  I am sure on the internet they will provide avg cost on diapers + formulas…baby food..etc etc…

    Before we start to have babies, we would hope we will have enough money to cover the baby expense + a cushion for whatever we need on the house and other unforeseeable accidents…we have our own place now so if any appliance is broken, then we will have to pay some guy to fix it or replace it.

    I can’t tell you how much you need per month, but as a parent, I would hope I have enough money for BB’s monthly expense + a little bit more saving just for the household or medical bills and whatnot.

    Post # 19
    Member
    7038 posts
    Busy Beekeeper
    • Wedding: September 2010

    @jangbeh24:  I think CaitMarie’s point is that life ISN’T all about her and she’s being incredibly responsible by actually sitting down and calculating out the numbers for what a child costs. It isn’t some mysterious unknown – there are a ton of actual scientifically conducted studies about the costs of raising a kid in different areas of the country. Most of us on these boards have the luxury of time, so we may as well go into parenthood as financially and emotionally prepared as possible.

    Post # 19
    Member
    2546 posts
    Sugar bee

    We have been thinking about this a lot more lately.

    We plan to wait about a year after the wedding to start trying, which would put us around 2013/2014 or so. We’ll be 30 and 35 by then and we already own our house.

    Right now I am ashamed to admit that most of our savings (not including 401K) are going towards the wedding. I’m hopeful that after the wedding this Fall we can get back to saving $500-$800/month and build up our savings for another year or two. but considering that daycare around here costs over $1,000+++/month, I just dont know how we will ever comfortably afford it. I know people say that you “just make it work”, but I really dont see how. We live so frugal as it is, it will be tough.

    Sorry, that was a rant. I voted $500-$1000, but it will probably need to be more than that.

    Post # 20
    Member
    2570 posts
    Sugar bee

    WE have figured out how much we want to save each year for retirement, so it would be more than that. Plus we would still want to take vacations etc so we woudlnt want to divert that cash.

    If I had to put a number on it… I think we would want need well I dont think I should tell you. Youd think we are nuts, which may be why we arent sure we want kisd

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