How do you know when you're financially ready to have a baby?

Question

How do you know when you're financially ready to have a baby?

Answer 1

Being financially ready to have a baby isn't necessarily a certain amount of money earned or saved. But that you, or husband have a stable job and are able to provide the basic necessities for that child.

Answer 2

Tough question. Some would say that if you wait until you're financially ready, you'll never have one, but I've heard a few guidelines that have some merit. Depending on where you live, some look at home ownership as a prerequisite, but in larger urban areas that might not be rellevant. I would say the most important factor would be that there is enough money in your current budget to pay all your bills on time, and that you're ready to make the commitment. Your health insurance will increase significantly, be sure to take that into consideration.

Talk to some young couples with children about the struggles they face, and compare that to your current situation. Children ARE expensive, but look around at all the people who are raising families and living a high quality of life. I've even heard some people say that they have more money since they've had children then they did beforehand because they're more responsible with their money.

Answer 3

From personal experience I would say that you are never going to be financially ready to give up the things that you enjoy right now. You have to be mentally ready to give things up and handle a baby! I am 18, I have a 20 month old, and I am in college full time. Yes, it can be very hard at times, but children are not as expensive as they are cracked up to be. There's two big money savers that I have run across, one being to breast feed for as long as possible, and the other is to NOT use cheap diapers. They may cost less for more, but the baby will go through them twice as fast, making Huggies or other brand names cheaper in the long run. If you feel ready for a life long commitment to this child, there could never be a better time.

Answer 4

I don't think one ever is to be perfectly honest, but I will give you this advice. Because my husband and I waited for a long time to have kids, we were able to save our money for a down payment on a house first and be comfortable. Once we had the house, it was easier to deal with the cost of having kids. A lot easier than our friends who had their kids first, then tried to buy a house.

You also can't worry about what the so called experts say it will cost to raise a child. I sure would like to know where they come up with those figures. They make it sound so expensive, that if everyone went by their figures, not many people could afford or would have children. The way they figure it, it would either cost everything you make in a year for years, or at least half of what you make for about 20 years or more. I know for a fact that in 16 years that my husband and I have not spent more than $50,000 altogether on raising our 2 kids, and the figure they give is $400,000 per child now? I don't think so!

Hope this is helfpful.

Answer 5

I have 3 boys oldest is 9yrs and the youngest is 5 months, I haven't been ready financially for any of them. They are well cared for though, and have never gone hungry. When you're a good loving mother, you make a way for things, even if you have to do without. So, I guess the answer to you're question would be, you know you are ready financially, when you know you could do without. I hope that makes sense, if you decide to go for it, good luck!

Answer 6

I don't think anyone is ever really financially ready for a child. Plus you need to be mentally and physically ready. It's a big job that never ends. So i guess if you are with a man that makes mucho money, has insurance that covers the 3 of you and you are mentally set for the job then i guess you're ready.

Answer 7

You have to take things into consideration, like furniture. The nursery needs to be furnished. You'll need an extra bed room for this. Can you live on one income (I'm assuming you have a mate)? Will your job give you paid time off? For how long? Then there are diapers. Wash them? Disposables? Diaper Service? And there are unforseen expenses. So actually you are never financially ready to have a baby but it all works out in the end.

Answer 8

Your never "Ready" to have a child, something else always comes up. Steel up your reserve, take the plunge. Study books that answer some of your question. Never be afraid to ask questions about anything.
I have a 4 year old daughter that has been real interesting.
The wife and me were not set up to raise a child. We adapted we changed, compromised, our desires so that the child has the best we can provided.
It helps to have parent taking a active interest in what you are doing and how you are raising the child.

Answer 9

That term got here approximately because of the fact human beings continuously experience like they choose additional funds. that's extra a techniques set that they are bearing on. i think of its sturdy which you have waited. that's going to likely be lots much less stressful on you. i know somebody in spite of the undeniable fact that who saved 50K for the toddler. That way they might have reductions and he or she might desire to stay homestead the 1st 3 hundred and sixty 5 days. properly she blew each and all of the money, and now they're in undesirable shape. they have no money and stay verify to confirm. The extra sturdy you're financially the extra advantageous.

Answer 10

You are never financially ready. There is no way to prepare for the expenses that children bring into your life. Those people who wait for that, will never have any kids. After the kids are born, you just find yourself shopping at Walmart instead of Macy's.. hahahaha... and you start cutting coupons.