(Closed) How much monthly cusion did you have before TTC?

posted 9 years ago in TTC
  • poll: How much extra money left over each month before TTC?

    $100-$200

    $201-$300

    $301-$400

    $401-$500

    $501-$600

    $601-$700

    $701-$800

    $801-$900

    $901-$1000

  • Post # 17
    Member
    10283 posts
    Sugar Beekeeper
    • Wedding: October 2011

    We’re not TTC yet so I didn’t vote but this is something that I’m interested in. Having a kid is a HUGE financial responsibility that I wish more couples were prepared for. I can’t tell you how many people I know who were nowhere near financially ready to have a kid but did so anyway (more so those who TTC under those circumstances, not the “surprises”). Now every month is a struggle to assure that everything is paid. That’s not a life that I would choose for myself.

    Our current situation allows us to save around $1500 per month but hopefully that will increase soon. While that’s a pretty decent amount of savings, I worry that won’t go far with a kid. Our plan is for me to stay home so daycare won’t be a concern but everything else adds up pretty quickly. Neither of us want our standard of living to change when we have a baby so it’s important that we’re able to maintain our lifestyle to some extent (i.e. being able to go out to dinner, not having to cancel luxuries like cable and internet, being able to buy new clothes every now and then, etc).

    When you figure out how much you’ll realistically need, you need to take many factors into concern. Daycare will more than likely be your biggest expense. Our friends with babies in daycare spend about $250 p/week, so that’s $1k p/month (and we’re not in a big city). Add on formula (even if you’re planning on BF’ing I think it’s smart to budget for formula just in case – for example, our niece had to go on special formula that cost like $20 a DAY), insurance premiums (people tend to forget that adding another person onto your policy will cost you), misc. baby needs, hospital bills (if you’re not lucky enough to walk away scot free), etc.  It all adds up. 

    Post # 18
    Member
    575 posts
    Busy bee
    • Wedding: July 2011

    We just got PG and we briefly considered our finances beforehand. I also agree with PP, that the biggest expense will be daycare. I’m still trying to nail down figures, but looks like it is between $500 – $2,000 a month (probably should’ve done that before but I got baby fever bad! lol). We currently have nice jobs and save DH+ salary per month. We’ll also be cutting back on trips, eating out, etc to compensate, but looks like we’ll still be able to cover with my salary (that we spend) plus may have to start dipping into DH’s salary.

    I live abroad and the cost of living is high, but so are the salaries, which would also skew results. I didn’t vote, tho!

     

    Post # 19
    Member
    10283 posts
    Sugar Beekeeper
    • Wedding: October 2011

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    @crystlrox:  Totally OT but do you live in Bermuda? We HM’ed there and I’m beyond in love with the island. If so, you’re so lucky!

    Post # 20
    Member
    314 posts
    Helper bee
    • Wedding: March 2012

    I am hoping in another 2-3 years Mr. R and I will be able to TTC. We are very frugal people and trying to get into a house, and stablize our other finances before TTC. Our plan is to pay off our 2 last credit cards, buy a house, pay off our car loans, and then TTC. Once we can accomplish all of this, we’ll have around $700-900 extra every month.

    Post # 22
    Member
    1882 posts
    Buzzing bee
    • Wedding: June 2010

    We have a joint savings/checking account and we always have about $5K in the savings. Then we each have a seperate account where $100 each a week gets automatically put in for “incidentals”. Paying the nanny was the biggest bill of course this past year, but I got a new job that and DH got a sweet raise so we are (percent wise) exactly where we were before we had our daughter, if that makes sense. Our standard of living has not changed, other than we don’t go out as much, but we don’t want to leave DD anyway so it doesn’t really matter. I would like a new bathroom and kitchen, and I keep telling myself if that is what I am worried about, then life is good!

    Post # 23
    Member
    10283 posts
    Sugar Beekeeper
    • Wedding: October 2011

    View original reply
    @Kkaattii:  I would suggest calling around to see what the average daycare costs are in your area. I know that there are cheaper alternatives out there but they’re no place that I’d want to send my kid. When I was in HS a few girls had babies. I remember them saying that their daycare was based off of their income which was like next to nothing. One girl paid a couple bucks a week for her kids daycare. Sounds like a steal but I’d venture a guess that the establishment leaves much to be desired. 

    As for living in NY, I’m Upstate (about 3.5 hours from the city) so I’d assume the cost of daycare around here would be similar to other somewhat rural areas. We get some of the NYC expenses (like our taxes that are through the roof) but things like daycare are much less than they’d be in the city.

    Post # 26
    Member
    1998 posts
    Buzzing bee
    • Wedding: July 2009

    View original reply
    @Kkaattii:  We’re in Columbus, OH and cost of living here is relatively low. I have a similar childcare situation — pretty sure my mom is going to be watching the baby a few days a week. I’m working FT, now, but hopefully Mr. B will get a FT job and I’ll go PT for at least the first year after the baby is born. Sorry I don’t have specific figures for you! If I were to vote, it would be closer to $200-400 extra per month than the $2000 + many are voting for.

    Post # 27
    Member
    1128 posts
    Bumble bee
    • Wedding: November 2011

    We didn’t have much leftover at all before TTC and we still don’t really have a big savings, and when I say not big I mean $2,700 and a lot of that will be used to move next week. We will be in our small home town where theres a gas station, grocery store, a church…well needless to say not much, and the cost of living is not even close to the city. I am a stay at home wife and will be a stay at home mom, and although there isnt much left at the end of the month (if anything), I know we will be fine.

    Post # 28
    Member
    2063 posts
    Buzzing bee
    • Wedding: August 2012

    We didn’t have any monthly cushion – we were so broke when we found out about our little buddy! However, when people ask me I tell them to have at least $800 extra a month. Why so much? Because almost every child has some complication and it adds up quickly – not just health concerns, think he won’t take the $350 set of bottles we bought. Or, we never bought bottles but he won’t breastfeed! Additionally, that extra cushion can be saved for things baby will need later on in life and its extremely important to start at birth.

    Post # 29
    Member
    1128 posts
    Bumble bee
    • Wedding: November 2011

    View original reply
    @Kkaattii:  I live in a small town, but all around us are smaller cities/towns. Daycare a day runs around $25-$35 dollars a day full time. so about $130 per week full time (5 days).

    Post # 31
    Member
    1675 posts
    Bumble bee
    • Wedding: July 2010

    We currently put a sizable chunk of money into savings each month to build up a down payment fund for our future home.  We know that our monthly savings will take a hit when baby is born, but we don’t want to start going into negative territory.  To budget for baby, we figured out how much daycare costs in our area (a must for us, since both of us will work full time), and then added on at least a couple hundred more in baby-related costs each month.  We’re planning on cloth diapering and breast feeding, which saves $$, but we also figured we’ll want some extra cash for things like house cleaners and more takeout meals once baby arrives.  These aren’t necessities, but if you can afford them they will certainly make life a little easier. 

    Also, you want to have some savings before baby to purchase all of the baby gear that you’ll need…  But you can do this cheaply if need be through craigslist, second hand stores, etc.  Also, never underestimate the generosity of friends and family.  Basically, people seem to make things work on all kinds of budgets.  You just have to figure out what works for you.

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