(Closed) How much money do you need to have a baby?

posted 7 years ago in Babies
Post # 3
Member
4137 posts
Honey bee
Post # 4
Member
10288 posts
Sugar Beekeeper
  • Wedding: October 2011

Too much! Fi and I will not even consider children until the following goals are met:

  • We own a house. Not a condo or townhouse. A house. 
  • We have enough in savings to have a cushion for atleast a year.
  • We are to the point where I no longer have to work anymore or our business is successful enough to where both Fiance and I can work from home.

Post # 5
Member
859 posts
Busy bee
  • Wedding: July 2012

@Treasure43: Well, you always hear that no matter how much money you have, it’s never enough….but things will work itself out. I do not have any kids yet… gonna start next year but I know that when looking at finances, I want to make sure that we have enough to cover the expenses to include daycare…which is a HUGE expense and is the one thing that worries me. Fiance and I are pretty good savers so we will start putting money aside from that once the wedding fund is taken care of… just to have that cushion…

Post # 6
Member
567 posts
Busy bee
  • Wedding: September 2010 - MacLean Park

Hm…well according to my insurance, about $1500. That’s to have a baby, not raise one. My practitioner gets $550, the hospital gets $500, and then there are my costs for sonograms and such (which insurance pays 75% off, coming out to about $230 a pop). Not really all that bad, considering a lot of stuff also is given to you at showers and such that help with the initial cost.

Post # 8
Member
2562 posts
Sugar bee
  • Wedding: July 2010

Me and Darling Husband had the following criteria for ourselves to have kids:

– Own a house (check)

– Both have stable, reliable employment (check, and check)

– Be married (check)

– Be actively paying down student debt (check)

– Be able to support our family on one income (check)

Post # 10
Member
2821 posts
Sugar bee

I think a lot of it depends on your lifestyle and what kind of lifestyle you want to maintain – and everyones list and situation is going to be different.  I’m scared of debt so I’d be hesistant if I was in debt to start TTC.  I also feel more secure having a savings in place and at a point in my education that I’m content with.

Post # 11
Member
724 posts
Busy bee
  • Wedding: July 2011

I would perhaps think about what you would need on a monthly basis for a baby. Estimate how many diapers you would need, food, clothes, toys, baby supplies. Add up a monthly estimate, toss in maybe a few extra hundred dollars for emergencies and then make sure you can add that into your budget in some way (whether because you already have surplus income or because you’re going to cut something). It wouldn’t be perfect but it could work.

Post # 12
Member
91 posts
Worker bee
  • Wedding: May 2011

There wasn’t a set amount, but goals:

-Have zero debt (Almost there!)

-Finish renovations (About another year)

Post # 13
Member
92 posts
Worker bee
  • Wedding: September 2010

This is a tough one as someone mentioned above. As a parent, I can tell you that I’ve already lost count. However, I recently spoke with a friend who is almost 40 years old. Anyway, she mentioned to me that she had given birth to a baby girl who is disabled; and I haven’t been able to get this out of my mind. I guess it is one of those things that we never think of, of course, since we want to think that our children will be super healthy. So….. there are many factors that can play a role, I’m sure my friend will be spending more money on her daugther due to therapies and other medical treatments than I’ve ever spent/will spend on mine. I am not trying to be negative, but it is something I haven’t been able to get out of my mind. 🙁

Post # 14
Member
231 posts
Helper bee
  • Wedding: May 2011

Recently i’ve been getting really depressed about this.  I am almost 31.  My fiance and I will be married in 4 months (he’ll be 34).  I just went back to get my masters degree.  Although we own a house, are both college educated and are good with our money, when you look at daycare its just sooooo much money, but there is no financial way for me to stay home.  I want to wait till i’m done with my masters to have kids (another 1 1/2 years) but i’m starting to get nervous about our ages and if even with our hard work we will be able to afford kids (it seriously keeps me up at night).  My fiance brushes it off, but he’s in parks and recreation and i’m a social worker.  We will never make THAT much more.

Any thoughts on daycare or how much a combined income needs to be in order to “get by” raising a child?  I live in the midwest if that helps at all for standard of living.

Post # 15
Member
7053 posts
Busy Beekeeper
  • Wedding: July 2010

I agree w/Sandollar on this one!

Check w/your insurance and find out how much out of pocket expenses you might be having to pay.  That’s the first hurdle.

Second one, is if you are both working out of the home, figure in the cost of daycare for a baby (less than 1 yr old).  Usually in my area around 650 a month.   Then there’s the clothes, furniture, baby items, and that’s usually about 1k to get everything baby ready.  That’s about how much my friends spent.  Some more, some less. I just know I went design-crazy before I had my son (nesting I think). 

You also need to think about adding more life insurance at this time, which will also add up but isn’t that big an expense, and make sure you’re happy about your living arrangements.

I entered this world with my parents in a very very small apartment and everything turned out all right!  My parents got a house when I was almost 3.  Rented.  I had all the food I needed, medical care, clothes, and was just fine.  You don’t have to be Trump to be a parent.  Just plan a bit. 

Post # 16
Member
91 posts
Worker bee
  • Wedding: May 2011

fishwoman, have you looked at a private nanny? That’s actually cheaper than daycare for us.

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