We both make between $25,000-$30,000 a year and live in Michigan. We want to have a baby soon and want to know how much money should be saved up so that we can take time off of work and for many of the kids' expenses.
2006-12-29 07:25:52 · 14 answers · asked by noel1426 2 in Pregnancy & Parenting ➔ Other - Pregnancy & Parenting
Depends on how much time you plan to take off of work. Is your hubby planning to take time off as well?? If you have sick days, vacation time or whatever save them to use during that time so you have some income. What you need to do is figure out what your monthly expenses are. EVERYTHING. Bills, spending money, groceries and emergency cash. Then figure out how much you'll need for baby stuff. Diapers, formula and so on. Add all this up. When you save enough to cover these expenses for the amount of time you want to take off then you're good.
2006-12-29 07:37:20 · answer #1 · answered by fiestyredhead 6 · 0⤊ 0⤋
If you wait to have enough money saved, by then you will be too old! Just make sure that it is what you both want, and everything else falls into place. You just seem to make it then six months down the line you realize that when you go shopping it is now in the infants wear, not anywhere near where you would have been before. Without realizing we spend allot more money on wants than needs and that somehow stops when your baby gets in the picture. It is great that you want to save up for a baby, but there is no set amount that you need. Most what babies need is love!
2006-12-29 08:14:57 · answer #2 · answered by tryin4freedom 3 · 0⤊ 0⤋
It's true you can never be finacially prepared for a child. Sometime there are emergencies that come about and you still have to live day to day.That is the best thing I can think of. But however, ask yourselves how much money you think the baby can use up in a week or monthly and save in that way.that is the best comment I can make to you. But your never set on money unless you sitting on a real cash flow. And if not you take it a step at a time.
2006-12-29 07:34:17 · answer #3 · answered by pburney2006 1 · 0⤊ 0⤋
i would save a few thousand before having the kid. that way you will have money in case a car breaks down or someone loses a job. i don't how realistic this is for you, but that would be the ideal.
my husband and i didn't have anything saved up b/c we were newly married and had a surprise baby! love him!
we are doing fine though, but we are lucky that he knows how to fix cars or else we would have been screwed on some car bills!
as for taking time off work...save up enough for a few months worth of bills. if you have $3000 in bills per month, then save $6000 so you can not work and the bills are paid.
take care.
2006-12-29 07:33:07 · answer #4 · answered by joey322 6 · 1⤊ 0⤋
You should consider how much income your you will miss while out of work having the baby. And you should take into consideration how much stuff you will buy for the baby. Babies don't actually cost as much as "they" say because they don't really NEED all the stuff we WANT them to have. If you will be breastfeeding, you won't have the expense of formula but will probably want to purchase some nursing tops and bras.
You know they say "if you don't use it, you lose it" I believe the same to be true of our fertility. Don't wait until it's too late to have a child. Children are such a blessing and worth every cent we spend on them. I hope for many blessings for you two.
2006-12-29 07:40:24 · answer #5 · answered by Psalm91 5 · 0⤊ 0⤋
5 thousand, thats just me guessing though- i havent had my baby (yet, 5 mos), but i've always said at least that amount. OR if not that, i would like to think that a family could pay up a full year's rent and get ahead on some car notes/any other bills lingering out there. With this arrangement, i'd have anywhere from 500 to 1000 in the bank. I'd like to think that we could both take off from work with either arrangement. Good luck!!
2006-12-29 07:30:13 · answer #6 · answered by mzsouthernprincess 3 · 0⤊ 1⤋
Honesty if you wait until you think you have enough money to have a baby you will NEVER have one. LOL Something always comes up to deplete that extra money you put aside & you start over. If you are doing ok & able to pay all your bills every month on time GO FOR IT!!! Good luck!
2006-12-29 08:07:31 · answer #7 · answered by dmommab@sbcglobal.net 3 · 0⤊ 0⤋
Well if you have insurance....2000 hospital 500 doctor 1000 furniture have a baby shower for 'free' gifts 6000 for 3 months off work..approximate10,000! Hey, you don't need everything right away either. Baby is not going to use everything when he comes home. You still have time to purchase items as he/she grows and needs them.
2006-12-29 07:33:40 · answer #8 · answered by candycane 2 · 1⤊ 0⤋
No price can prepare you for a child. I was only 16 when i had my daughter and i had no money what so ever and i have coped alright, you just have to go with the flow when the baby does come along.
2007-01-02 03:16:18 · answer #9 · answered by charlie 1 · 0⤊ 0⤋
There is no right answer to that except a majority of parents would tell you if you waited until you had enough money saved up then you would never have kids.
2006-12-29 07:30:40 · answer #10 · answered by Blitz 3 · 1⤊ 0⤋