Are you finacially ready for baby?

I know this can be a touchy subject so dont feel like you have to answer...just some things ive been thinking about, some questions ive been asked and im just curios:)


 


What makes you think you are financally ready for baby?


Are you taking any steps to save for baby's arrival?


 


Im a OB Tech on labor and delivery and lately  business has been slow :( im looking into getting a second job to compensate. Hubby has had the same job for about 10 years now but isnt getting what he deserves (long story) so he is thinking he may be making a change in the next year or so. As soon as we pay off the wedding and DHs truck we will be in pretty good financial shape (and that should be paid off by May :)

Posted on November 25, 2012 at 10:55 am
ashle1738
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09/28/2012
ashle1738

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(8) Comments

Canooknic
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Canooknic

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I don't think you can ever be completely prepared for a baby, but I think reducing monthly outgoings as much as possible is a really good thing to do.

FI and I both had credit cards, and he had a car loan so we paid those off and then the money that we had been paying each month to those was put into a baby saving account. We did that for about 10 months before we started TTC.

As our due date got closer we bought little bits each month (wipes, cotton wool, diapers etc) so that we had a little stock-pile and knew that we'd be ok for the first few months while we found our way.
Once they arrived we were paid 'child allowance' from the UK government (not sure if you get that sort of thing in the US) but it was about ?80 per child each month and we put that straight into their savings accounts from day one so we never got used to having that money to spend. We used it for buying bigger items like new car seats etc.

We started off with only what we saw as the essential items - cribs, bedding, lots of onesies and a monitor I think were all we had. Once our boys arrived lots of people asked us if we needed anything or gave us gift cards so then we got bottles/sterilisers and started getting toys/swings chairs etc once we were settled and knew what we wanted/needed and didn't waste any money. For example, Caleb would never fall asleep being rocked so a swing chair would have been useless for him, so we only bought one for Stephon who loved it.
Posted on November 25, 2012 at 11:49 am
kplusd
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09/08/2012
kplusd

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i agree, that you can never have enough money for a child! thats the downside to the world making eight thousand different baby-brands in EVERY price range. if you have alot of money, you spend it on alot of high-end items because they "seem" better (which in some cases they are, but most of the time its just marketing and a name). if you have little money, everything seems expensive and you get whatever you can get. if you have a comfortable amount of money, you buy what you need and get sucked into the advertisement of other things and wind up spending way more then you wanted to <--- not that im speaking from experience or anything ;))


for my shower, i asked for diapers specifically. because of that and what we stocked up on, after our daughter was born i didnt buy diapers until she was 5 months! it was faaaantastic.

Posted on November 25, 2012 at 12:33 pm
ashle1738
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ashle1738

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thanks for the thoughts ladies! Luckily DH and I dont have credit cards! We are paying off a small interest free loan from a friend and once that is paid off (March) we are gonna double up on DH truck payment so that will hopefully we gone by June. After those being gone we will have an extra $1000 a month! <---that will be sooo nice!


I also feel pretty lucky in that I have several friends who have already had their children and have a ton of stuff theyve saved for DH and I:) matenity clothes, baby clothes, boppy pillows, rockers and even a few larger items like bouncers etc. And believe me I am cheap  ...frugal! Im definatley not above that! DH and I also plan on cloth diapering and from my calcultions that will sav us about $1200 per child..plus we have a large family and we would be the first on both sides to have a child.


It just gets SOOO nerve wracking when I start thinking about how this could happen soon! yikes!...and yay...all at the same time! lol

Posted on November 25, 2012 at 12:48 pm
kblove
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We've been saving extra for a while now.  I've never had a car payment (just drove my same car from college) until recently, and my husband's payment just ended.  We live modestly, in a modest home, I coupon, and we are very careful with our money.  I don't do Starbucks, eat out a work, etc.  I feel confident about bringing a baby into the world, but like PP have said, babies aren't cheap and you can never be 100% ready.  However, I think just the act of preparing for baby and thinking in advance already makes us ahead of the game.  Those same skills and sacrifices that require us to prepare for LO also will help us when LO arrives, you know?


I have had some friends loan me maternity clothes, some toys, a body pillow, etc. so we have a few things.  I am also really going to get into consignment shopping, I think.  I'm already kind of addicted to it, and I don't have toys or many extras to buy, yet. :) 

Posted on November 26, 2012 at 3:30 am
missjess485
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02/19/2012
missjess485

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I think I could always say we would be more comfortable with more money, but I think we are ready. I have an older car with no car payment, we have DH's car payment, our mortgage, and a small loan we took out to help a family member with some stuff (about $90/month) in addition to our typical monthly bills. It isn't much at all. I am a thrifty person for sure, I coupon, meal plan, and shop sales constantly. I left my job about a year ago and while I didn't make a ton of money, that was the money we used for our "fun" stuff. So we have cut back a bit there, we still go out, but usually just do a date night out on the weekend, or hit the movie theater. 

I am also lucky enough to have a lot of my friends/family members that have already had babies put stuff back for us when the time comes. My Mom has a spare room full of things from my sisters just waiting for me when the time comes haha 

Posted on November 26, 2012 at 3:51 am
_MNM
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10/01/2010

_MNM

Comment has been removed by Project Wedding due to a violation of our Terms of Use
Posted on November 26, 2012 at 3:54 am
DansMrs
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06/23/2012
DansMrs

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I've heard this from parents countless times: You're never 100% ready for a baby. They're expensive but you prepare, save, and do the best you can and make it work.


We have been cutting back unnecessary spending, we stopped going out quite a bit before the wedding, and we've gotten rid of a lot of debt. Plus, between my Sister's and friends' hand-me-downs, we've got a great head start on baby items. Plus, if we conceive before his cousin does, our LO will be the first baby of the newest generation in DH's large family. :)


On top of that, we're going to be moving out of the bay area soon to a place that doesn't cost as much to live in!

Posted on November 26, 2012 at 6:13 am
littlebit07
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I've heard that you're never financially ready for a baby as well, but I'm confident that we're in a good place. DH and I were both big savers while we were living at home. I used some of mine to pay for the wedding, and some of his bought our new cabinets. But we still have a nice cushion in there, and we save about 1,000 a month after all our monthly bills. We do have a credit card, but I pay off the entire thing monthly so we never owe interest. Basically I just use it for the cash back feature...I've been letting my points add up for about 5 years, and it's pretty much paying for our new stove:)
I was most concerned about our house being ready...I bought it before I met DH, so I bought something I could afford on my income alone. Which was a small ranch that needed some love. But we've got the majority fixed up, and I'm confident if we found out we were expecting, the few small projects left could be done in under 40 weeks. Lol.
I'm a firm believer that it's okay not to be able to afford to give your child everything under the sun. As long as basic needs and a few "wants" once in awhile are provided for, I think you're doing fine as a parent. It's a great way for kids to learn that money doesn't grow on trees, and that you have to work hard for the things you want in life.
Posted on November 27, 2012 at 12:01 am

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