Will we have enough money to have children, serious question?

Question

My husband and I are ready to have a baby, we are waiting until we pay off our house loan so we will have money for children.

After everything is paid (insurance, taxes, bills, 401k, etc.) we will have $1800 a month left over to pay towards children.

Do you think this will be enough to pay for diapers, daycare, food, formula if needed, toys, etc? We are hoping to have one child with in two year and another one 2-3 years after that.

Our insurance will not go up and our doctor co-pays are low, so that’s not a lot of money. Our day care will also be about $350/month per baby since my mother has a daycare/preschool and is charging us less since it will be her grandchildren.

This is not a question to show off that I have some money, I live in California so the price of living is more out here. Do you think we can afford children?

Answer 1

i have no idea economically if you can. i don't have any myself, nor want any. i see many ppl with much less than you and almost no planning, have kids and still get by.

i think if you are ready, emotionally and somewhat financially, go for it. there will be unexpected expenses as always, but seeing how much care and planning you have made so far, i believe you will do what is neccessary to give that child a good life. i wouldn't count on having everything planned. who knows, you may have two sets of twins and need to change houses and states(i can't believe how expensive california is!). i'm sure you will make wise decisions.

Answer 2

For those of us who live in the real world, if we all waited until we had enough money, most of us would not have children. I had asked myself that question a million times, and the day I found out I was pregnant I stopped worring about it. I just decided on doing the best I can for my child, and though I might not get everything I want, I make sue that my precious angel has the things that she deserves. There will always be money issues mortgages, car notes, etc..... but as long as your child is healthy and happy the rest will fall into place. Do not let it be too much of a burden in your life that you forget what is important. I have a friend that worries herself over money matters that it has caught on to her 7 year old and he worries about wanting things because Mommy does not have the money, it breaks my heart.

Answer 3

Are you nuts? That's more than enough especially since you have insurance. Check and see how much your insurance covers on the birthing, you may have to pay some there but there are people who make way less than that and have 2-3 children. It can be done and for you probably pretty comfortably.

Answer 4

There is never enough money for children. The more money you have the more it seems they need. The two biggest things you can do to cut costs are cloth diaper and nurse your child. This is healthier and even if you only nurse part time it will cut costs drastically and fewer doctor visits and medicines. You also get a happier child. Toys will come (and come and come) Have fun and take the time to enjoy them.

Answer 5

You sound organized, with a clear budget. It is truly amazing that you will be in a position to pay off your mortgage prior to having children. Few of us are in that position - and still are able to keep our heads above water finacially. With children, one can never know what to expect (physically, emotionallty, financially, etc.) . Things always come up that we least expect and expenses incurr that were never planned for. As children age, the cost of diapers and formula disappears but new expensises arise (i.e. preschool, summer camp, piano lessons...the prom, auto insurance...) You certainly sound like you are in a good financial postion to have children. As parents (even more so than folks without children) we have to make choices. No, you won't be able to buy everything your child wants - but, that is OK.

Acording to Money Central, actual costs to having children include:

Housing
Cost through age 17: $44,580 to $100,080

This is the biggest single expense of raising children, comprising anywhere from 33% to 37% of the overall annual expense. This assumes that for each child you have, you're going to add 100 to 150 square feet of living space to your home. By definition, that means you're either going to renovate your existing house or buy a new one.

Food
Cost through age 17: $26,490 to $39,470.

This accounts for 15% to 20% of the overall expense.

Transportation
Cost through age 17: $18,660 to $34,860

Transportation can eat 13% to 14% of the total. This includes the purchase and finance charges of vehicles, repair and fuel expenses and insurance.

Clothing
Cost through age 17: $8,490 to $12,810

Clothing accounts for about 6% to 8% of the total costs.

Health care
Cost through age 17: $10,680 to $15,870.

Health care represents 5% to 7% of the total costs, but those numbers are misleading. For some families, it's a non-issue, for others the numbers can be mind-boggling.

Child Care/Education
Cost through age 17: $12,090 to $33,870

These expenses account for 7% to 11% of the overall expense. Big caveat: The figures do NOT include college.

Miscellaneous
Cost through age 17: $13,380 to $32,460

This last category takes in 10% to 13% of the total cost and includes things such as personal-care items, entertainment and reading materials.

For ideas on how to save on each of these expenses and tax-saving tips in each of these areas, go to the web-site.

Children are priceless, but raising them is probably the most expensive thing you'll ever do. Good Luck!

Answer 6

If you've got a good financial plan and a budget that shows Extra Money Left Over for the Children, then you should be good to go.

Answer 7

The truth is, if you wait to have children until you can afford....nobody would have children. We have 3 children and my hubby makes around $70,000 a year. We make it work. We even have money left over for extra's and a vacation every year without relying on credit cards. If you manage your money right, it can be done on less.

Answer 8

Yeah it seems to me like you will be fine. People with a lot less money go into parenting with a lot less thought. I think you will make a great parent for the simple fact that you're thinking things through, you are being responsible, and you seem intelligent.

Happy Parenting! &hearts

Answer 9

That's sounds like enough ~ barring the unexpected ~ if I had waited until I could "afford" my children, I would have never had them. It's wise for some people to budget, but for others, you just do it & make do with what you have.

Answer 10

I also live in CA..i can barely afford having my child..its VERY VERY expensive...

think clothes, diapers, wipes, formula, food, medicine(OTC like gas relief), crib, crib sheet set, changing table w/pad and cover, Bassinet for the first 3 months, toys, excersaucer/jumperrooo, bottles, bibs, burp rags, glider and ottoman, dresser..t heres ALOT of stuff to get!

and dont push your baby into daycare they need there mother for the first year of their life!