Hello! And financial question

Otterpup

Active Member
Joined
Dec 5, 2014
Messages
38
Reaction score
0
Hello! I'm new here. My husband and I are thinking of beginning to try soon. However, I find myself constantly reevaluating finances. I want to be able to just jump in and do it! Emotionally, I'm so there.

My question is: what do you really need in order to sustain a baby on your own (no help from parents, etc). How much do you really need saved and what should you expect to spend monthly?

I do have a job that should give me flexibility, but I won't have any paid maternity leave (and will have to arrange for a sub for my work). So, I do know we need to plan to save for when I won't be able to work. I'm hoping to keep my not working to a minimum, but I really don't know what that time frame would look like, realistically!

Thanks for your help on this very personal question. I've been googling, but I haven't found much that I've found useful.
 
Having a baby can be as inexpensive or as expensive as you like,'stuff wise'. Equipment can be kept to a minimum, it can be brought retail or second hand, which when you think about the short amount of time baby furniture, clothes and toys are used for second hand can often be as good as new without the price tag.
If you dont have family or friends to help out with childcare though and plan to return to work (assuming you husband will also be working) your biggest cost factor is going to be childcare. We paid £4.50 an hour for our childminders from when my LO was 4 months old, and the total cost will depend on your average local childcare costs and how many hours you will command from them. Nappies, milk/ food, toiletries, meds, all bump up the weekly shop a little bit but not as much as you would think.

Money saving expert states ''Did you know that a baby could cost as much as £7,200 or as little as £1,600 in their first year, excluding childcare''

I guess that just shows how broad costs, and what you plans will be with regards to childcare and how soon. At the very least, having a nice safety blanket of savings would make everyone feel more comfortable. Enough to see you through a few months without working, a little extra for staggered work and then some for emergency spends. Its hard to really say exactly how much it costs.
 
I think you just need enough to be able to live comfortably, but I suppose we all have different definitions of that.
 
I found having a baby to be less expensive than I thought one would be. We used a lot of generic options for things like diapers ($13 for one of the big boxes) and formula ($20 for a large container that lased 1-2 weeks), and shopped second hand for clothes. A lot of things you see people request or buy are really more like things that help make it easier, but not required. You can find the basic furniture like a crib and mattress for cheap at super stores like Walmart (we paid $125 for a crib and changing table/dresser combo, and the crib could convert into a toddler bed).

I actually gave up my job to be a SAHM, and we're doing fine. Childcare is the biggest cost, so avoiding that has made things so much cheaper.

The only thing we saved up was about $2000 from our tax return to pay for the hospital bill (bill came back less, so we had extra money to spoil our new baby :happydance:). Otherwise hubby's salary covers everything we need.

I didn't keep exact tabs of the monthly expense for her, but it was probably around $200-250 for her first year of life. Most of it went to formula and diapers, and because I loved to buy things for her (I have a weakness for baby clothing :blush:). I think there are calculators online that will help you work out expenses if you want an item by item breakdown of the cost of a baby. :flower:
 
Having a baby can be as inexpensive or as expensive as you like,'stuff wise'. Equipment can be kept to a minimum, it can be brought retail or second hand, which when you think about the short amount of time baby furniture, clothes and toys are used for second hand can often be as good as new without the price tag.
If you dont have family or friends to help out with childcare though and plan to return to work (assuming you husband will also be working) your biggest cost factor is going to be childcare. We paid £4.50 an hour for our childminders from when my LO was 4 months old, and the total cost will depend on your average local childcare costs and how many hours you will command from them. Nappies, milk/ food, toiletries, meds, all bump up the weekly shop a little bit but not as much as you would think.

Money saving expert states ''Did you know that a baby could cost as much as £7,200 or as little as £1,600 in their first year, excluding childcare''

I guess that just shows how broad costs, and what you plans will be with regards to childcare and how soon. At the very least, having a nice safety blanket of savings would make everyone feel more comfortable. Enough to see you through a few months without working, a little extra for staggered work and then some for emergency spends. Its hard to really say exactly how much it costs.

This is what's so confusing! The wide disparity between costs. Mr. Otter pup and I are pretty frugal so reading about how to save more is a little ridiculous because we already do so much that helps.

Thanks for your advice! It's good to have advice on emergency funds.
 
I found having a baby to be less expensive than I thought one would be. We used a lot of generic options for things like diapers ($13 for one of the big boxes) and formula ($20 for a large container that lased 1-2 weeks), and shopped second hand for clothes. A lot of things you see people request or buy are really more like things that help make it easier, but not required. You can find the basic furniture like a crib and mattress for cheap at super stores like Walmart (we paid $125 for a crib and changing table/dresser combo, and the crib could convert into a toddler bed).

I actually gave up my job to be a SAHM, and we're doing fine. Childcare is the biggest cost, so avoiding that has made things so much cheaper.

The only thing we saved up was about $2000 from our tax return to pay for the hospital bill (bill came back less, so we had extra money to spoil our new baby :happydance:). Otherwise hubby's salary covers everything we need.

I didn't keep exact tabs of the monthly expense for her, but it was probably around $200-250 for her first year of life. Most of it went to formula and diapers, and because I loved to buy things for her (I have a weakness for baby clothing :blush:). I think there are calculators online that will help you work out expenses if you want an item by item breakdown of the cost of a baby. :flower:

This is incredibly helpful! We live in a relatively expensive city (it's no NYC). A lot of people are really well off and while we are doing fine, we don't seem to compare to many of those around me. It's reassuring to hear that it doesn't have to be incredibly expensive!

We are definitely planning on buying a lot of second hand things (and I'm hoping for some hand-me-downs!).
 
I found having a baby to be less expensive than I thought one would be. We used a lot of generic options for things like diapers ($13 for one of the big boxes) and formula ($20 for a large container that lased 1-2 weeks), and shopped second hand for clothes. A lot of things you see people request or buy are really more like things that help make it easier, but not required. You can find the basic furniture like a crib and mattress for cheap at super stores like Walmart (we paid $125 for a crib and changing table/dresser combo, and the crib could convert into a toddler bed).

I actually gave up my job to be a SAHM, and we're doing fine. Childcare is the biggest cost, so avoiding that has made things so much cheaper.

The only thing we saved up was about $2000 from our tax return to pay for the hospital bill (bill came back less, so we had extra money to spoil our new baby :happydance:). Otherwise hubby's salary covers everything we need.

I didn't keep exact tabs of the monthly expense for her, but it was probably around $200-250 for her first year of life. Most of it went to formula and diapers, and because I loved to buy things for her (I have a weakness for baby clothing :blush:). I think there are calculators online that will help you work out expenses if you want an item by item breakdown of the cost of a baby. :flower:

This is incredibly helpful! We live in a relatively expensive city (it's no NYC). A lot of people are really well off and while we are doing fine, we don't seem to compare to many of those around me. It's reassuring to hear that it doesn't have to be incredibly expensive!

We are definitely planning on buying a lot of second hand things (and I'm hoping for some hand-me-downs!).

Baby won't care if it's new or not, so buy cheap when you can! She chewed on the crib so there's a bunch of teeth marks on it, and has gotten food and drinks all over her clothes. When they're young trying to keep them clean and presentable is difficult, so second hand works out well! We've saved everything for the next one too, so if it's another girl we just have to buy diapers and formula again. Goodwill is a great place to find nice clothes for $1-2. They get them dirty anyway! :haha: And she has a ton of toys, but she still prefers "our" things, like my books or the kitchen pots and pans. :dohh:
 
I would call around to local daycares/in home caretakers and find out what they charge, keeping in mind that an infant is more expensive than a toddler so costs will go down eventually. By far that will be your biggest expense. Spend a few months taking that amount and setting it aside from your paychecks to get a realistic idea of what it will be like. Are you still able to meet your monthly expenses plus a couple hundred dollars? If so, then you will be fine after baby.

Like a pp said, the majority of things you can buy used. Diapers and a car seat are about the only things you have to buy new (and if you choose to cloth diaper you can pick those up second hand pretty cheap and in great condition). You can save a lot of money if you choose to breastfeed (if you're in the US insurance has to provide a pump). I picked up one can of formula (saved coupons and got it free) but have never needed to use it. We were given 90% of our clothes by family but even so, clothes second hand (think garage sales!) are generally in great shape and a fraction if the coat buying new. I would find a local resale shop and go browsing to get a better idea of what prices look like in your area.

We spend less than 200 a month on our 7 month old (I'm a SAHM so no daycare costs). It was more expensive in the beginning getting ready for him, but now is hardly anything. I buy diapers 2 boxes at a time for 70 a month. I also spent $10 on some solid food that will last him a month (tried making my own but he wasn't having it. Once he can have chunkier food I will just blend it up myself and this cost will go down). Otherwise the things I get him are wants and not needs (ie- picked up an activity table second hand in perfect shape for 20- 40 brand new- and he LOVES it. Spends most of his playtime with it). But this spending is minimal (20-40/ month). We also go to swim lessons that are $30 a month but the rest of our activities are free. So all in we spend about 150 a month on him (not including any doctor costs if he needs them- some months it is higher than others if he gets sick). I off and on cloth diaper so some months this amount is cut in half not having to buy diapers.

It is very possible to have a baby and provide for them without going crazy. Do some local research in your area to find out what that picture looks like for you. It really really helped us to take 6 months and set aside money as if we had a baby. Its easy to talk numbers but when the money isn't there you get a "hands on" idea of your finances. We saw that we were able to cut out my income, provide for baby and still save so went ahead and started trying. If you don't already, try using an online budgeting tool to help track your finances. We look at every dollar spent and see where it is going. We have been able to really trim up our finances by doing this and eliminate a lot of wasteful spending.

Good luck! :flower:
 
(if you're in the US insurance has to provide a pump)

Actually, some insurance companies are not required to provide one still, so it's always a good idea to check with them. I know our insurance doesn't unless one is truly needed per the medical provider (and there is set criteria you have to meet besides just wanting one), but we don't pay any premiums for coverage, so I can't complain!
 
There are some plans that are grandfathered in that are exempt, but otherwise they have to provide (given that you have a prescription for one from your doctor). Not all plans will offer great options..that will vary from company to company but they are required to pay for (whether for rental or keep) pumping equipment. I would definitely look more into it if they are telling you otherwise :flower:

https://www.healthcare.gov/coverage/breast-feeding-benefits/
 
I'm just going by what Tricare states on their website. :)

https://www.tricare.mil/CoveredServices/IsItCovered/BreastPump.aspx

"Only electric hospital-grade breast pumps for premature infants who meet certain criteria"
 
Jeeze seems like my OH thinks a new born will cost us $20,000 for the first year! He is out of his mind!
 
Jeeze seems like my OH thinks a new born will cost us $20,000 for the first year! He is out of his mind!

My parents spent less than that on me for college! :haha: Newborns are cheap, it's when they get older that they start getting expensive!
 
After 50 weeks I'll be back at work making over 80k per year... My income alone covers our bills, between the two of us we are more then ok... Yes just got cold feet I think.... I want this WAY more then he does!
 
I would probably only buy things I would need. It seems like a lot of people buy more than they need when they have children and not even use everything.
 
I see so many ads for second hand baby stuff that's pretty much brand new. A lot of people buy so much junk they don't end up using. We are pretty frugal and plan to get most things second-hand. The baby won't care! Just needs love, warmth and food :)
 
I wonder if men realise the only thing you probably should buy new (or at least not get from a stranger) is anything safety related... Crib, stroller, car seat... The rest can be had cheap or free online...
 
I would call around to local daycares/in home caretakers and find out what they charge, keeping in mind that an infant is more expensive than a toddler so costs will go down eventually. By far that will be your biggest expense. Spend a few months taking that amount and setting it aside from your paychecks to get a realistic idea of what it will be like. Are you still able to meet your monthly expenses plus a couple hundred dollars? If so, then you will be fine after baby.

Like a pp said, the majority of things you can buy used. Diapers and a car seat are about the only things you have to buy new (and if you choose to cloth diaper you can pick those up second hand pretty cheap and in great condition). You can save a lot of money if you choose to breastfeed (if you're in the US insurance has to provide a pump). I picked up one can of formula (saved coupons and got it free) but have never needed to use it. We were given 90% of our clothes by family but even so, clothes second hand (think garage sales!) are generally in great shape and a fraction if the coat buying new. I would find a local resale shop and go browsing to get a better idea of what prices look like in your area.

We spend less than 200 a month on our 7 month old (I'm a SAHM so no daycare costs). It was more expensive in the beginning getting ready for him, but now is hardly anything. I buy diapers 2 boxes at a time for 70 a month. I also spent $10 on some solid food that will last him a month (tried making my own but he wasn't having it. Once he can have chunkier food I will just blend it up myself and this cost will go down). Otherwise the things I get him are wants and not needs (ie- picked up an activity table second hand in perfect shape for 20- 40 brand new- and he LOVES it. Spends most of his playtime with it). But this spending is minimal (20-40/ month). We also go to swim lessons that are $30 a month but the rest of our activities are free. So all in we spend about 150 a month on him (not including any doctor costs if he needs them- some months it is higher than others if he gets sick). I off and on cloth diaper so some months this amount is cut in half not having to buy diapers.

It is very possible to have a baby and provide for them without going crazy. Do some local research in your area to find out what that picture looks like for you. It really really helped us to take 6 months and set aside money as if we had a baby. Its easy to talk numbers but when the money isn't there you get a "hands on" idea of your finances. We saw that we were able to cut out my income, provide for baby and still save so went ahead and started trying. If you don't already, try using an online budgeting tool to help track your finances. We look at every dollar spent and see where it is going. We have been able to really trim up our finances by doing this and eliminate a lot of wasteful spending.

Good luck! :flower:

Good idea. The good news is my husband and I work different schedules, so we won't need a TON of childcare, but I know it adds up fast! I'm usually home for most of the day, but we have a few hours when neither of us is home.
 
Jeeze seems like my OH thinks a new born will cost us $20,000 for the first year! He is out of his mind!

Well, if you google, that's what they try and tell you! I just know that can't be true. Some people barely make that and have a family...
 
So... Without having done all the research (but realizing I live in a college town), I'm feeling inspired. I think we can make it work! Now to convince the hubby. Currently, we're thinking of starting in January, which is pretty soon!
 

Users who are viewing this thread

Members online

Forum statistics

Threads
1,650,189
Messages
27,141,083
Members
255,672
Latest member
mummynugs
Back
Top
monitoring_string = "c48fb0faa520c8dfff8c4deab485d3d2"