How wealthy do you have to be to have a baby?

Question

I know everyone says wait to have a baby until you're 'financially ready' etc. - but what exactly does that mean? I'm stressing myself out wondering if i'm 'wealthy' enough to have a baby yet. I'm 26 and my hubby is 25, we live in a nice townhouse. We've been doing well so far - but we're not driving around in brand new Land Rovers or living in a half a million dollar home, etc. We're not rich by any means. A part of me can't help but feel guilty - am I going to be able to provide my baby with a good life if I'm not making a six digit income? Just wondering if anyone else has ever felt that way. When exactly IS 'financially read' anyway? Thanks!

Answer 1

Bottom line is you will never be financially "ready" to have a baby. The only analogy I can come up with off the top of my head is that it is like buying a house. If you wait until you have enough in the bank to pay cash for a home you will wind up homeless for very many years.

Babies are a pay as you go kind of thing. Some of the best parents I know bring in barley enough to make ends meet. You don't have to live in a mansion in the suburbs, have two cars, and a six figure income to be a very successful parent.

Answer 2

Unfortunately, you can be dirt poor and have a baby. The question is: What quality of life do I want to give my baby? At the beginning, as long as you have a good health care plan, it doesn't have to be all that expensive. You can nurse and not buy formula. You can make your own baby food and not buy the expensive, preservative filled jars of baby food at the grocery store. The child needs simple things to play with.

But when they start needing braces, and contact lenses, $200.00 sneakers so they can be like the other kids . .. it's a different story. Are the public schools good in your area or will you have to pay for private schools? The public schools in Delaware are war zones and drug dens. Plus, if you have a special needs child, it may be expensive from the very beginning.

Then you want to be able to give the child a college education if he/she wants . Do you have a savings plan for that? Or will the child go on a scholarship ? Financial Aid?

I would say if you both have good jobs , a health care plan, some savings, and don't need the most expensive of anything, you're ready. But there are no guarantees in life. Your jobs could come and go.

I would also be concerned about how emotionally ready you both are? Can you give up your sleep and your social lives? Who stays home from work when the kid is sick? Do you take turns?

Good luck!

Answer 3

That is a good question. They always say wait until you are financially able, but in reality most kids are not planned and most parents end up struggling a bit.

Also, you don't have to have a six-figure income to raise kids. People do it on a middle-lower class income all the time.

I think a better idea is to make sure you guys sit down and make a plan as to who will work, who will stay home, or how you will divide the responsibilities. Decide on a plan in case one or both of you may lose your job.

Most importantly, remember that how much love, time and attention you give your child is much much more important than how much material possessions you can provide. They'll grow up to be better contributing respectable adults because of it.

Answer 4

Financially ready is when you and your husband are set in a career, not a job that usually doesnt last long. You dont need to necessarily make a 6 digit income but you should be able to provide food, shelter, and most important love for the child.
It is always good to have additional money so that your future child can have a nice life.

Answer 5

It does not need much wealth for you to have a baby. Financially ready means you have a stabilized good source of income for a living, enough to provide with your basic needs specifically. Once you have the confidence of living in a condition which you are comfortable whatever it might be, then you can have a baby.

Another very important aspect to consider is your psychological preparedness. Be sure that you had made enough "room" to bring a new member who will hopefully be a joyful blessings for the couple. Maturity and responsibility counts a lot as well in preparation to be parents.

You need to be wealthy indeed- but not essentially in terms of financial matters but you need to be wealthy enough in maturity, responsibility,and good values of being a parent. Goodluck!

Answer 6

As long as you can provide shelter, food and clothing(doesn't have to be exspensive name brand) You'll be fine. Growing up my parents didn't have much money, they both worked two jobs each just to afford to live. I think if you don't make a 6 figure income you're children will grow up more mature and more likely to appriciate what they have. What kids need the most in life is to feel loved. As long as you don't stress about paying the everyday bills and you have a lot of love to give I say go for it. Good luck

Answer 7

If you can pay your medical bill or any of your bills on time with out being late, and you can put food on the table and still have enough money left to by diapers, and formula then I'd say you're good to go... I'm 24 and I had my daughter when I was 17... We didn't have much money but we made due with what we had... My son came along 2 years later and We made due with him, I'm now having my third and final child.... We have never made more than $35,000 a year and we've never been on welfare so It all comes down to what kind of lifestyle you want to have... If you want fancy things then wait until you're making $60,000 a year or more before having a kid... If you're like me and my husband we like to live a normal life with enough money leftover each month to take our kids out to some fun places... We never spend money on our selves and we are just happy with that... We've also got college funds started up for all three children... Sorry for rambling on but If you guys think you're ready then go for it...

Answer 8

Thier is no finacial guidline for being a parent .Only know that it is not cheap to raise children.My husband and I had our first child when I was just 17 years old .Now four kids our own buisness making just under 90,000 a year and we still seem to make it pretty well .Lots of coupon clipping and bargain hunting .If you want a child have one just be sure you both are ready for the responsibility it requires .Time ,love ,nurture and money.Besides money helps ,but dosen't buy happiness or the joy a child brings to a couple.When people ask me if I could go back would I have waited .I smile and say not for all the money in the world .I think it is better to have children young it helps to relate to them not to mention all the fun it involves.Sure we've had our rough spots ,but they only bring us closer.& about the house well...They say love grows big in little houses with few walls to seperate.Good Luck .God Bless..........

Answer 9

being financially ready means being to provide a home, food, clothes, etc. All of the essentials. Being able to pay your utilities and car payments. Not having to choose between buying groceries and paying bills. You also should be able to put a little money back every month, even if it is only 30 or 50 dollars.

Answer 10

There's no way of telling someone how much their baby and baby things will cost. Most importantly are you and your husband mentally and emotionally ready to become number two in your everyday lives. Your baby will be number one and your world will revolve around him/her and with your love for your child you will provide whatever he/she needs by any means, including sarcificing things for yourself for the sake of your little one. No one can ever be 100% ready financially to have a child because there are too many varibles to consider with a baby in your life. You cannot be selfish and raise a child, in my opinion. It sounds to me that you are more than capable of affording a little one. Perhaps if it makes you feel better start a little savings account now to help you out for the big stuff in the beginning then when your precious one arrives turn it into his/her college fund. As long as you have love, your child will be taken care of.