SPINOFF: How much $$$ do you need before planning a baby?

posted 1 year ago in Babies
Post # 16
9178 posts
Buzzing Beekeeper

Based on the rate I’ve Amazon Prime’d stuff for my 3-month-old so far, plus or minus $1,000,000,000,000.

Post # 18
491 posts
Helper bee
  • Wedding: July 2015

azf0019 :  it’s a different way of living for sure. It just means the individual needs more savings and a higher salary compared to elsewhere in the world, but millions of people in the US make it work, and I always admire their courage and strength in the face of financial / emotional adversity, particularly having to return to work so quickly. I’m so sad when I hear about parental leave policies in the US. Although I have to say, we’re 32/34 so we did wait as long as you said! I think that’s more to do with living in a city though as my friends outside of London all have 2 school-age kids already hah.

Post # 20
416 posts
Helper bee
  • Wedding: July 2018

It isn’t a set amount, but enough to afford for me to stay home for a few years. Also to have our debts paid off and a chunk in savings for IVF/Fertility help. That is our main to do list before we have a baby together.

Post # 21
321 posts
Helper bee

azf0019 :  how ever much you think you can afford tbh. That’s a hard question, let’s break it down: 

pregnancy doctors appts after let’s say a $20/copay ~$300

birth if your insurance is 80/20 like most (vaginal is cheaper) $2-3,000 or csection $4-6,000 after insurance 

after the baby tons of check ups over the year so after copay $200?

diapers (bulk Costco is great) $70/month 

depending on if you’re going back to work $700-1300/month in child care (literally they rake you over the coals on childcare for infants. $700 is the lower end center or homecare and $1300 is for a Montessori type school) 

whatever money you want to put aside for college ($100/month maybe more?) 

and that’s on top of normal bills you pay like rent/mortgage ($1000-1400+) depending on where you live or what your credit is like 

Utilities and internet, cell phones, car payments and insurance etc 

thr first few years are cheaper than the rest because the baby is either eating from you or eating such small portions that it won’t break your bank but as they grow you can add easily another $100 to your monthly grocery bill per child and that’s if you cook and don’t eat out. If you do want to eat out and get a sitter (if family one just do it) for a night out it’s $30-50/night 

preschool and kindergarten have tuition for full day vs half days so that depending on the school. My daughters kindergarten was a little over $300/month for full day but I’ve had friends pay over $8,000 a year for their child’s school so it’s definitely a range. 

School supplies and new clothes/shoes every year cause they grow insane $500 

and that doesn’t include birthdays or Christmas which same thing as they get older the toys get more expensive. My daughter is now 6 and combined for Christmas and birthday parties are a couple grand 

So I would say if you have to give it a number to be “comfortable” (cause everyone’s level of comfortability is different) I would say a household income of $60,000 or more. 

Post # 22
810 posts
Busy bee

We’re living comfortably with a baby on a single income of just under 50k. I’m a full time Stay-At-Home Mom though, and my Mother-In-Law lives 10 mins away so we’ve never had to consider child care costs. The only high expense for us is all the baby equipment…crib, crib mattress, stroller, car seats, etc. And, of course, the medical bill of actually having the child, lol. Good news is, those are all one-time expenses. 

Post # 24
1553 posts
Bumble bee

Were having a baby on a income of 60k in MN. I will be a Stay-At-Home Mom so no childcare costs. We are pretty frugal and have been living comfortably on our income as well as contributing to savings. We are prepared for some sacrifices but we don’t mind (we moved to a cheaper apartment to save a little on rent and aren’t travelling this year whereas we usually travel a lot). 

Post # 25
1807 posts
Buzzing bee
  • Wedding: May 2018

Like the other bees say,  it’s so dependent on where you like and what you consider comfortable.  My parents raised 6 kids on less than $40,000 a year, most years is was under $30,000.  We never had vacations and the only extracurriculars we did were through the school, so they didn’t cost anything. Actually,  we did girls scouts and soccer too,  and had swim lessons before they closed down the pool.  I don’t remember ever feeling deprived.  We lived in a low COL area,  so we certainly weren’t alone in that. 

Otoh,  Dh and i are just starting out family and our criteria was owning a house in a good school district and having 6 months of living expenses in savings. Thankfully,  Dh bought our house when he was a bachelor. But thought about the school.  He flat out told me a major reasons because the elementary school has orchestra lol. I do appreciate that we are really close to it as well,  I hear the kids playing during recess when I’m outside during the school year. It’s nice that the middle and high schools are also pretty close-by. 

Anyway,  so Dh and i like our creature comforts. We like eating out once in while,  vacations , buying new electronics and camping gear stuff like that.  So I don’t think we’d be able to achieve that on less than $100,000 with childcare and additional healthcare costs for out new family member. I mean,  we could make it work,  but I feel like that’s our minimum income. 

I have decent insurance and my sister had the same with her babies and I think she told me it cost her $600 for the tests,  office visits,  and hospital stays due to her C-sections. We estimate it’ll cost us the same. 

Post # 26
5455 posts
Bee Keeper
  • Wedding: October 2017

I am completely out of the norm. I met my now husband at the bottom of a solid downward spiral. I was pregnant within a few months of meeting him. He knew I wasn’t on the pill (I had a legit pregnancy scare and ended up going off the pill after thinking it wouldn’t be so bad if I did get pregnant) He thought it would take a while to get pregnant but it happened immediately.

That time period scares me to the absolute core because zero thought went into getting pregnant. Absolutely zero. It scared the hell out of me until I discovered recently (with my therapist) that it was actually a manic period in my life.

I would love to say that I met him and I just knew but that’s not the case. I got damn lucky because he’s a good man and an awesome father and we are good together.

It was HARD. I had a disability policy that covered some of my maternity leave but we struggled so badly when I went back to work. We had phones shut off, we had our power shut off more than once. I was too embarrassed to ask for help because I chose to have the baby, I needed to own it and deal with the consequences. We also couldn’t use credit cards because that manic period saw me defaulting on credit cards and destroying my credit.

Things got better when I started getting full paychecks and my husband started to get a monthly bonus. We made it work because we ended up with more income and we were contemplating second jobs before that happened.

I would advise absolutely NO ONE to take the path that we did. It scares the hell out of me that I just assumed it would all work out on its own, that somehow we would be able to afford daycare (which costs more than our mortgage) and that we had 9 months to worry about it.

It scares me because I know exactly what it takes to give our daughter the life she deserves, she has everything she needs and more.

Post # 27
5455 posts
Bee Keeper
  • Wedding: October 2017

So long story short, we didn’t have any money saved when we got pregnant. We made it work with extra income and lots and lots of hand me down clothes

Post # 28
105 posts
Blushing bee

If people want a baby badly enough, I feel like they could make it work on next to nothing, depending if they could rely on other resources to help them out. I, however, do not fit into this category. I do not want a child so badly (or ever) that I would ever sacrifice money to support my lifestyle in favor of raising a child, or have a child if I didn’t feel I could raise it so it would have the best advantages. I was fortunate enough to be raised with a lot of privileges, so if I couldnt provide for my child at least what my parents provided for me, I would never do it. This means being in a position to send a child a to college and perhaps grad school, pay for all their extra-curriculars, buy them a car, take vacations, etc. etc. Because I never see myself not working, I would also need to be able to afford full time, round the clock care, at least while they are still little. 

tl;dr: I would need A LOT of money because I would ever consider having a child.

Post # 29
1073 posts
Bumble bee
  • Wedding: August 2019

I plan to take at least a year off after having a child, so we’d like my SO’s salary plus rental earnings (he invests in real estate) to be enough that we can comfortably afford a child on his income alone, while maintaining our style of living (we are pretty frugal, but we do like to go out with friends a couple of times a month and take an overseas vacation once a year). We’d also want at least 6 months of salary in savings, which we have currently.

My SO recently got a new job with a large pay increase, so that helps, and so once he buys probably about 4-6 more units we’ll be where we want to be to have a baby. That will take about 3 years, so just around the time we’d be ready to start TTC regardless of money considerations (we’re getting engaged soon, then a year to plan a wedding, and we also want at least a year of being married before having kids).

Post # 30
2101 posts
Buzzing bee
  • Wedding: July 2018

missmonroe711 :   azf0019 :  orrrrrr a lot more than that for some of the costs, depending. I have health insurance through my good, permanent, requires-a-MS-degree job. Just prenatal care and labor & delivery will cost us $7500, and more if the little guy has his own bills – WITH insurance. Ugh. 

We will have needed at least $10,000 in savings (medical bills plus cost of baby gear), plus my guy having a high enough salary that we can all live on it during my unpaid maternity leave, in order to have this baby. 

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