Post # 1
How much money should you have saved in the bank before you try to have a kid? If you already have a child, how much did you spend/year? I’m really curious because my husband and I would like to start trying in the next couple of years, and we are trying to figure out how much money we should have in the bank. Thanks! 🙂
Post # 3
Fiance is my second. I waited to be sure before things got physical. First time was with late fiance. i don’t regret him being my first.
Post # 4
Hmm, good yet tough question. It comes down to your debt and what you bring in. We have no debt right now except our mortgage and we are trying now and we save about 25% of our income a month sometime more, depending on the months. For safety and security no matter what, it is good to have at least 6 mths put back in case one lose their job, everything can be paid. Right now we have have 12mths saved up. Also I think for each couple it will be different but I know since we started trying, I’ve been pushing money into savings a little more. Like I get paid biweekly so the months I get paid 3 times, which is 2-3 times a year, I’ve been throwing that extra paycheck into savings. That is an extra $1200 on top of our usual $1500/mth we put in there and then Darling Husband gets paid weekly and the months he gets paid 5 times, which happens much more often, roughly 5 times, that check goes in. I also have been picking up extra shifts every once in awhile. This is part of our budget so that money is spoken for and does not go anywhere else. Will we always be able to do this, probably not. But we do this now so we bc we can and it will help when the time comes. If you don’t have a budget already in place I would say start there so you see where your finances lie and how much you can put into savings.
Post # 5
My Budget for Baby class said that on average you will spend $6k when you have your first baby. This includes books, maternity clothes, furniture, baby clothes, toys, car seats, strollers, etc. Even with getting a ton of stuff for free and second-hand, we have still spent about $3500 on our Dirty Delete, so I think that $3k isn’t an unreasonable amount to save for your first baby. After that, it’s all diapers and doctor’s visits!
Post # 6
Ok so I’m pretty frugal and have been nailing down finances and budgets for years.Here is my plan. It’s not perfect and will likely go awry but I started it with a great baby cost calculator with drop down options on babycenter.com. Also, I just took some of the info and worked it into a spreadsheet just an hour ago and then logged on and saw this so I’ll share it even though it’s in raw form. (update: won’t attach in excel but it’s basically what’s on babycenter, I just took out my unnecessary items; maybe if you send me a pm I can send it directly to you)
To start, we saved $1500 from our tax return for ‘start up’ and have been expecting some hand me downs and shower presents to help with the layette and diapers. Also, we have a monthly budget of $80 just for baby (starting now…that will increase gradually) and we will have to pay an extra $180 for monthly health insurance (hubby’s work pays half).
Post # 7
This thread started heading in this direction. There are a couple links that you might find useful. I really liked this one http://www.costhelper.com/cost/child/babies-children.html. It gives you an idea of what things like carseats and cribs might cost. As well as remind you of some of the things you probably forgot about.
I think that we’ll probably aim for $5k in savings.
Post # 8
Unfortunately, I don’t think there is a one size fits all answer. For us, we didn’t really have any $ saved up during TTC, but that is bc we had just finished a major remodel and have a lot of extra $ leftover each paycheck. So, when we got pregnant right away, we just started saving then and now have more than we need, so might do another remodel before baby comes. Plus, even though we could afford to splurge, we’ve been getting a LOT of stuff used/resale (friends + consignment) and I’m sure more from our registry. So, if you are barely scraping by as is, you might need to start saving up now and have a few thousand stored up…but, if you have a bunch of extra each month, you might be OK waiting until you are pregnant like us (but of course building up your savings for emergencies, anyway)
Use one of the calculators to get a ballpark, but it really depends on what your incomes are, and how much time you plan on taking off for baby, etc.
Post # 9
For us, it was less about amount of money for baby stuff, since we really did do all hand-me-down and gifted baby equipment. Rather, it was about having enough money in the account for a down-payment on a new house and having 6 months of expenses saved just in case of an emergency (you never know if you are going to have a NICU baby). Plus, we needed to account for the loss of my income while on maternity leave. This meant for us that before we even started TTC, we needed to be saving for a baby!
If you are not planning on moving or taking time off, you may not need as much of a cushion as we did!
Post # 10
The actual having of a baby isn’t too expensive. I got lots of hand me downs. I did have to buy a car seat and a cot and some supplies, but I only spent about 2k. The expensive part would be if you decide to be a stay at home mum. Is this what you’re thinking? And if so, for how long? Can you survive on one income? I had to return to work at after 12 weeks, and as a solo mum I have to pay over $300 per week in childcare – which is nearly half my income. But I wouldn’t save money if I stayed home, because the other just-over-half is what keeps us alive.