Amount of savings to TTC?

[londonbird]

So currently WTT until I can afford to support a baby myself 100%. Oh has two kids, and isnt prepare to struggle financially with another

So.. currently am saving to do my LPC, looking for training contracts etc. So until im qualified solicitor it will be a wait. At least 3 years, more likely 5, as I would like to do MA

I am able to start saving for TTC- is there an amount that would be helpfuly- I dont know, something to help with initial costs?

Obviously oh dosent think having a baby on our joint incomes is feasible right now, so want to be proactive in saving and securing that contract

Any ideas would be most welcome am saving, getting frugle etc..trying to feel a bit proactive

Hope that makes sense!!

 

[Sarahkka]

Myhusband and I followed advice from Gail Vaz-Oxlade, a sort of celebrity financial advisor in Canada. She suggested to figure out what your income would be on mat leave and to make that your new budget. Put the extra money into a savings account as a buffer for the actual mat leave, and use the time of "practise" mat leave to get used to living within a smaller income. It was great advice.
That would also show your OH how thoroughly you have planned and might make him relax about another kid.
Top tips from me:
Try to move 5-10% of your paycheque into the savings account automatically so that you don't even factor it into your daily spending. It's just sort of whisked away into safekeeping and you aren't even tempted to spend it!
Deal with debt. Don't stop saving, but make debt reduction your priority. The pressure that is lifted when you don't have debts hanging over you is great. It really lets you enjoy your time with baby!
Don't go crazy on baby gear, clothes, etc. Buy secondhand, use hand-me-downs. Take your time and do good research and give yourself the time to comparison shop. You will be in a much better position to get it cheaply if you don't have to buy in a hurry.
Hope that helps?

The blog site for the lady I mentioned above has great advice on budgeting and debt reduction if you want more ideas!

 

[Sarahkka]

Sorry! Double post.