(Closed) MONEY and babies…

posted 8 years ago in Babies
Post # 3
Member
1645 posts
Bumble bee
  • Wedding: May 2010

I am a social worker and Darling Husband is a teacher. We’ll probably never be sitting in thousands and thousands of dollars. We just bought a home, using about 50% of our savings, and I have decent school loans that I pay on monthly.

We are definitely in the middle range where our expenses and my school loans prevent me from being able to be a Stay-At-Home Mom, but we make just enough to cover everything and add soemthing to our savings each month.

There are obviously expenses to having a baby. You do need some supplies, though no where near as much as you will be led to believe. And you can buy a lot of great stuff, even new stuff, second hand. Obviously there are hospital bills depending on what your insurance covers, and formula if you can’t breastfeed, and of course diapers. You can save with cloth, but that’s a decent investment up front.

It’s obviously helpful to have a lot in savings, especially if you want to take extra time off from work or not go back at all. But it sounds like you and your husband make enough and can adapt your lifestyle to accomodate the expenses of an infant fairly easily.

 

Post # 4
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

1) A full year maternity leave? I’m moving to canada! πŸ™‚

2) To a certain extent I do think you need to be ready to take on the new responsibilities and costs of having a baby… but as my mother says “If everyone waited until the perfect time to have a baby, no one would ever have babies.” There will never be enough time, enough money, enough anything. If you’re doing okay and ready to make some sacrifices, at some point you just have to join hands and leap off that cliff and know that you’ll work it out together, ya know?

Post # 5
Member
7082 posts
Busy Beekeeper
  • Wedding: July 2009

@One2-Three4:  You’ll be fine!  Aside from medical expenses and a few big ticket items (stroller/crib) and a few recurring expenses (diapers or formula if you plan to use disposables or to supplement), babies are only expensive if you let them be.  We haven’t bought our baby any clothes or toys.  All of that has been gifted to us.

Kids, however, continue to be more expensive as they get older (daycare, preschool, clothes, books, toys, college etc.), so often times people who can make it with an infant (just barely) can’t make ends meet with an older child.

So when we give advice to people to wait because of finances, it’s not your situation we’re usually referring to!

Post # 7
Member
375 posts
Helper bee

Side note: Wow I didn’t know that Canada’s system was so great!! I work for the US federal government and don’t get ANY maternity leave (and we have good benefits compared to a lot of private companies). I get 3 weeks sick leave a year so if I want to have a baby I need to save up sick leave for years to get a decent time off.

But wouldn’t you get  a lot of the big ticket items for baby at your baby shower?

Post # 8
Member
3866 posts
Honey bee
  • Wedding: April 2012

@One2-Three4: 1 year off WITH pay?!?!?!?  Ummmm… I’d sooo be there if it weren’t for the freezing weather!!! LOL!  (I freeze if it’s 60 or below, lol)

Yeah, kids are expensive, but no you don’t need 10k to have one!  Down here, the most expensive part of having the baby are the bills (hospital, dr visits, dentist, etc and buying formula, diapers, etc.  Baby cloths can be bought brand new, often times, at yard sales – I scored THREE TRASH BAGS STUFFED with clothes for around 30 bucks at a yard sale.  was SO worth it, since a lot of the tiny dresses was all my girl could wear until she was 3 months old!!!)

It sounds like you and your hubby would be just fine!  good luck!!!!!  and ignore all those debbie downers πŸ˜‰

p.s. forgot to add: you’ll also get lots of clothes and stuff when you have a baby shower.  πŸ™‚  And be sure to ask for cloth diapers; they’re GREAT as burp clothes and for changing at stores and places with those plastic changing stations!
 

Post # 9
Member
440 posts
Helper bee
  • Wedding: October 2009

Point #2 corgitales mentions above is so right on!

 

You so don’t need tons of money to have a baby… unless you plan to buy the best of everything {yeah, I’d love a $1000 crib, but will manage just fine with a $200 one!}.

It’s definitely all about a lifestyle change. When we got married we knew there would be kids right away so bought out house based on one income. If you’re really anxious about the money figure out how much you’d get for your mat. leave and start living on that reduced income while TTC {it also helps create a a little nest egg!}

And not only will you likely get tons of gifts and help, friends you didn’t know you had will be passing on their no-longer needed baby/kid items, and there are great consignment shops and sales to help lighten the load.

Post # 10
Member
177 posts
Blushing bee
  • Wedding: July 2011

@Zinzerena: LOL at the freezing weather in Canada. I have never been so hot in my life this summer!! Most of us Canadians enjoy the luxury of 4 beautiful seasons, including many warm days. Add in the amazing maternity leave with lots of jobs and I say we have it made. Come join us up here! πŸ™‚

Post # 11
Member
2562 posts
Sugar bee
  • Wedding: July 2010

Me and Darling Husband are in a similar situation, and between our career prospects, and the support we have from family and friends, we are “not trying not to” have a baby right now. We could wait longer and save, but really, we are realistic about what we will need and know that we can cover it on one income, and my income is our play money anyways!

@MissBuffalo: Yep, one year maternity leave, with pay (most get about 40% of their regular income – in some professions, the employer will top up that amount to (usually 60%)). Add in that all the medical expenses are paid between public healthcare, and the majority of people have insurance for dental/prescriptions/eye care, and it really makes it easier for people. If you baby is sick and you need to pump, you can have your insurance cover pump rental, if they need formula supplementation due to a medical condition, you can have that covered as well!

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