Budgeting for baby

Discussion in 'Waiting To Try' started by LouOscar01, Oct 12, 2013.

  1. LouOscar01

    LouOscar01 Well-Known Member

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    Didn't know what to do with myself today so I had a go at budgeting for baby. Thinking of one off purchases rather than nappies etc....with a very expensive bugaboo pram it came to £2200.....wonder what the OH will think.....:loopy:

    Is this reasonable? Unreasonable?
     
  2. MoldyVoldy

    MoldyVoldy Khaleesi

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    i think it just depends on what you guys are willing to spend...

    in my opinion that's a little high BUT i also don't use a crib or stroller. next time around i probably won't even buy a swing to be honest but will be secretly hoping someone in my family will give me one :p haha
     
  3. LouOscar01

    LouOscar01 Well-Known Member

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    High is good....I just don't want to under budget!
     
  4. RaspberryK

    RaspberryK Well-Known Member

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    Every one has a different budget, ideas about what they need, if it needs to last 1 child or multiple.
    We got a good quality wooden cot bed and changing unit because I knew id want it for at least 2. My dad paid I think it came to between 500&600.
    The travel system was in the sale at kiddicare but I wish I'd researched more on that as it fell apart after 8 months of light use. I got them to refund so I got a nice silvercross stroller which will last and I picked up a second hand but lightly used pram which I know I'll use walking in the village and for downstairs day time naps. Id have been willing to blow the budget on the right pram with the next baby though.
    There are so many items that are not worth bothering to buy until after the baby is born. I wouldn't stock up on nappies reusable or disposable as you don't know what will work so I wish I'd have put the money away into an account to buy later.
    Xx
     
  5. LouOscar01

    LouOscar01 Well-Known Member

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    Just used the money advice services website to budget the year in which I will be on maternity leave....it's a little bit frightening to say the least. It expects me to spend £17000 in one year....that's not including any leisure activities and with only one baby!!!

    Someone please tell me this is unreasonable. It's scared me!!!!!
     
  6. RaspberryK

    RaspberryK Well-Known Member

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    What is it expecting you to spend on? X
     
  7. LouOscar01

    LouOscar01 Well-Known Member

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    £530 a month on mortgage
    £230 a year on insurances (buildings/contents/life)
    £1500 on council tax
    £1000 on gas and electric
    £720 waterbills
    £80 on phonebills/internet
    £120 on tv license
    £200 a month on food/toiletries
    £320 union costs
    £400 new clothes
    £25 a month on nappies
    £270 on dog food/insurance
    £600 petrol
    £400 insurance
    £300 car tax
    £450 MOT/maintenance
    £190 christmas/birthdays
     
  8. sausages

    sausages Expecting #3 :)

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    Only £200 a month on food? How many of you are there and have you included thing like bin bags, cleaning products, deodorant, razors etc in that? I only ask because we are a family of four and we meal plan and try to shop frugally and spend around £400 - £500 a month. £200 just seems low even for a couple with a baby. If that's right I SO need to shop where you shop!! Lol! :)

    Babies cost anything from practically nothing to thousands depending on where you want to spend money. :) what you really want to make sure you plan for is when they're older. Can you afford to clothe them in new or even secondhand clothing every 6 months to a year, pay for clubs and activities and gifts for their millions of birthday parties in school, school dinners or lunches, books, toys, furniture? Or when they get a bit older and want designer clothes etc. babies are cheap as chips compared to older kids. Mine are only 4 and 3 and people tell me they only get more expensive. All I'm saying is that you shouldn't worry so much about baby things as make sure your finances are set up (as well as anyone can!!) for later on.
     
  9. LouOscar01

    LouOscar01 Well-Known Member

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    I never really worried about it all but after doing that I'm freaking out. Once I'm off maternity leave I hope it will be ok. Our household income will be around £37,000. Surely 2 people and a child can live off that?! Cant we?!?!?!!??!
     
  10. sausages

    sausages Expecting #3 :)

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    I just typed out a big reply and my ******* phone ate it!! Grrrr!! I'll come back when I'm at the computer :)
     
  11. LouOscar01

    LouOscar01 Well-Known Member

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    Awww sausages :( That sucks!!! Thank you!! xxx
     
  12. RaspberryK

    RaspberryK Well-Known Member

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    So that's living costs not baby cost then.
    Some of those figures seem low to me. X
     
  13. LouOscar01

    LouOscar01 Well-Known Member

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    Thanks RaspberryK, which bits seem low to you?
     
  14. RaspberryK

    RaspberryK Well-Known Member

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    The mortgage but then I suppose that's individual.
    Our mortgage life cover is 28 per month.
    We spend about 100 per week on food, cleaning etc at tesco xx
     
  15. LouOscar01

    LouOscar01 Well-Known Member

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    Our mortgage is £530 so that's ok, we are going to have to shop with basic products!! Yikes.
     
  16. RaspberryK

    RaspberryK Well-Known Member

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    We already shop basic, and buy on offer/reduced.
    Have you considered cloth nappies?
    Do you only have 1 car?
    Xx
     
  17. RaspberryK

    RaspberryK Well-Known Member

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    And our gas and electric went up when we had lo.
    Xx
     
  18. sausages

    sausages Expecting #3 :)

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    Right. What i was trying to say before my phone was mean to me was...

    With a household income of £37,000 you will be absolutely fine!! You will also get child benefit of £20 a week because your wages are under the new threshold for loosing that.

    Don't forget that once you have a family your spending priorities will change without much conscious thought. Like for example i used to spend my disposable income on a Radley bag now and again or £100+ nights out or clothes. Not that i had a huge amount of spare cash, but when i did i would save up and so these things. Now i have a family i have reprioritised. I no longer think spending £150 on a handbag is okay for me, because i would rather spend the money on something nice for the kids. I don't go on anything like as many nights out and when i do they are far cheaper. I don't feel like i am missing out by doing this, and i never made a decision to stay in more, it's just the natural cross-over from being a DINK (double income no kids) to being a family.

    Plus, i know it's scary thinking about how children cost more the older they get, but it all just kind of happens. You all just kind of grow into it.

    Basically you guys must have spare income now based on what you've said. All that will happen is that you "cut your cloth accordingly" as my mum will say. If your finances are comfortable as you are now then they will continue to be so as long as you're sensible. Just don't get into debt or mistake luxuries for essentials.

    Only those people who are having financial difficulties now should worry. For those people i would strongly advise getting their finances straight before having kids. Babies are cheap, but it creeps up on you how much more you spend as they get older. If you already have disposable income then you adjust your spending and it all just kind of works, but if you are stretched already i can only see that adding strain on the relationship and making things harder than they should be.
     
  19. LouOscar01

    LouOscar01 Well-Known Member

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    Thank you sausages you have reassured me. I have oodles of spare income at the moment because we are both still living at home. That's why I am so unaware of how much things are likely to cost. I've been looking into doing some extra tutoring and babysitting now and then when I am on maternity leave continuing with some of the tutoring.
     
  20. LouOscar01

    LouOscar01 Well-Known Member

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    Raspberry K, we currently have 2 cars but I am looking at cutting down to one. Have looked at cloth nappies, do they work out cheaper then?
     

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