My husband & I are thinking of starting a family, how much money should we have saved up beforehand?

Question

We make enough money right now to get by, plus a little extra for fun. How much can you expect to pay for a baby/year?

I am 22 yrs old, he is 21. We do fairly well for our age (neither of us finished college, we are both in marketing for a very good company). As for the response on paying for our kids' college: when they are old enough to go to college, we expect the child to either obtain a scholarship, or get a job to pay his/her way. I don't want to bring somebody into this world and have them think someone else is always going to pay their way. If they are old enough to go to college, they should be old enough to have a job and budget their money. Just our opinion, don't want to start a war here,lol.

Answer 1

Dont worry about trivial materialistic things. God will take care of things, who knows both of you get promotion...Starting a family is a great idea and you will be proud that you gave birth to a life...that feeling and love of the child is precious - no amount of money can be enough for this.

Answer 2

You will never have enought money to have a kid LOL...there's no set cost....just get rid of the things your used to doing like movies etc....cut down somewhere and maybe try to breastfeed that cuts a lot of costs down too...if you are planning on staying home and not going back to work make sure your budget can handle it...if you cant right now then pay off a car or something to make sure you wont be in hock when the baby comes...but seriously I have 5 kids and 3 stepkids and you can never have enough money with only one let along with eight LOL good luck and remember children are a blessing just make sure you and your hubby are ready to give up your lives for this little person your about to bring into this world

Answer 3

There is never enough, not unless you are rich! First look at your current budget and see what you can honestly live without. For an infant you'll spend anywhere from 400 - 800 a month in daycare alone. That doesn't count doctor visits for shots, formula, and diapers. School age is a little easier. Look for a school with an after school program! Mine is only $100/month. But there are also school supplies, and sports. Food expenses will go up, clothing allowances, laundry (utilities).

The most important thing to remember is that your children are priceless and worth whatever sacrifices you'll make!

Good Luck!

Answer 4

I know how you feel, this is a really hard thing to deal with. I am 26 and my fiance is 29, and we are emotionally and financially ready, planned our pregnancy and are overjoyed. My family is happy and his father is too, but his mother asked me how far along I was and when I told her 10 weeks she said "Oh, then you only have a couple more weeks to 'take care of it'." (meaning have an abortion) She then lectured us for 3 1/2 hours, suggesting abortion several times and trying to convince him that he had been tricked into this and not to marry me. His younger sister has also told us several times that we shouldn't be having a baby because she is married and has decided that she's not ready yet (which has nothing to do with us) We were aphalled and very hurt but when it comes down to it it's our child and it's not their place to say anything like that. After being really upset for a while I decided to sit his mom down and show her a different perspective. I asked her if it would be okay with her if I told her grandchild that she wanted him or her to be aborted. (i would never do that but I needed to make the point) Her response was "NO! OFCOURSE NOT!" I then explained to her that if that's the case she should never have said that and she apologized. I also told his sister that if she doesn't think we should have a child she is more than welcome to pretend we don't and never see us or the child, ever. since then they seem to have both realized that their inappropriate comments will not change our plans and that they are the ones who will miss out if they don't start respecting our decision and our child. You may want to try presenting it to them in a way that points out another, more realistic perspective on what they are doing. whatever you decide to do, just remember that this is your life and your baby and never let anyone make you feel like it is a bad thing. they are wrong, not you, and they probably won't take it out on your child. If they do you have every right to keep the child away from them.

Answer 5

A good rule of thumb for savings is to maintain a minimum of three month's living expenses. This way you have a cushion if things take a turn for the worse. A child will raise this amount, of course, but I think that amount would be a good starting point for you. Remember, though, to treat savings as you would any other financial obligation. You must honor it the same way as your mortgage, car payment, electrical bill, etc. It's easy to skimp on savings when money is tight, but if you are willing to forgo "a little extra for fun" every once in a while, you'll be glad you did when something unexpected happens and you have to dip into your savings. Good luck!!

Answer 6

If you have to ask the question you're not ready financially or emotionally for a child. Of course when you have a child that "little extra for fun" won't matter anymore because because it will be going to the cost of a child.
I have a 21 yr. old in college, tuition os $28,000.00 a year, his car insurance is $200.00 per month, cell phone $100.00 per month, clothing $500.00 to $1000.00 (?) every six months.
I also have a 14 yr. old, I can't begin to list the cost of things she has or needs.
It would also help to know how old you are.

Answer 7

You will NEVER be completely finanically ready for a child. People can only give estimates it varies from family to family. Depending upon what type of diapers, formula, baby bags etc. one perfers or buys. There's also doc. visits as well and how often the child has to go. It depends upon the family. My hubby and I are having to do fertility and I feel we will spend more concieving then ever on the child till they hit college. Good luck to you two.

Answer 8

I believe children aren't a financial decision, but it depends on a lot of things, breast or bottle feeding, cloth or disposable diapers, do you want him/her to go to collage.. You get the idea. I have 2 kids I get by on less than $25,000/year. It depends on what you are willing to sacrifice for a child.

Answer 9

i have one 12 year old daughter and 4 step kids all living with me..take it from me YOU NEVER have enough money lol...each baby is different it will all depend on how you want to spoil that child and how much you can depend on family and friends....but as far as cash saved...wouldnt worry about it lol

Answer 10

if you wait till you have enough money, you will never have kids. if yall feel yall are ready to have em, have some kids. money will always be an issue but noone can tell you a specific $ amount to have saved up. just know it aint cheap!