how much money do I need before I can plan for a baby (living in bay area, CA)?

Question

hey guys, i am a 27 yr old married women - I think it is the right time for me to get pregnant, although I am not sure how much money shud I save before I can be financially prepared for the responsibility! any pointers would be helpful!!

Answer 1

Just the fact that you are thinking about finances puts you 98% ahead of most people. I would say that stability (job security, strong marriage, housing) is more important than available cash. You will know when you are ready and the small stuff will just work itself out.

Make certain you have insurance. Otherwise, it could cost you $40,000 just to have the baby in a hospital.

If you plan to save for college that takes about $600 a month from the day he or she is born. Check for yourself at http://www.savingforcollege.com/college-savings-calculator/index.php

Otherwise, it is really just a matter of how much you feel like spending. Kids really do not need much. Breastmilk is free. Used baby clothes are very inexpensive. Diapes are not all that expensive, especially if you shop at Costco or Target.

Ideally you would stay home with the child, but if you can't then you need to factor in day care. It can be very expensive yet you can pay a huge chunk with pre-tax money if you or your husband's company offers flexible spending accounts.

The larger expenses don't kick in until the kid is school age, like wanting to go on vacation to Disneyland or Hawaii, wanting a computer, a car, etc.

Answer 2

There is never a really good time financially to have a baby - and it's hard to put a price tag on how much $$ is right. You and your husband should make a budget and figure out where your money is going, and if you can live on one income or not, and factor in the additional cost of health insurance to your living expenses. Diapers are a fairly large expense with a newborn. BUT the importnant thing to remember is that people with very little money can be great loving parents, and that your little one at first isn't going to care abour anything other than being loved and fed and safe. It's more important to consider if YOU are emotionally ready for the responsibility. Having a child changes your whole life, it's wonderful, but a huge change and you need to be ready for it.

Good Luck!

Answer 3

Infants aren't expensive.

Milk is free, diapers are pretty cheap (or you can do cloth, which are even cheaper) clothes and toys you can get used (you will also get alot at your baby shower!)

The one thing you need to be concerned about is if you are able to stay home with the baby. Babies need thier mommies, and all the toys, clouthes and vacations in the world can't replace you being there everyday.

Can you survive on just your husbands income? What can you do to make that possible? I live in the bay area too, and luckily my husband has a very good job. Right after our son was born, he actually found a new job so that he could make more money and i wouldn't have to work. It's tight sometimes, but its worth it.

As for college fund and whatnot.. 600/mo? Is that lady insane? Thats how much i spend on FOOD! I've been putting away about 100/mo... i will increase that amount as we are able.

Answer 4

It really depends on your situation. if you are working then here in California you will get disability for up to 4 weeks beofre the baby is born, and 6 weeks after. You may qualify for paid family leave which is another 6 weeks of pay. The pay is about 55% of you gross income. They dont take taxes out, so it actually came to about 70% of my net paycheck. If you are nursing, then the milk is free. If you have a baby shower you will get a lot of stuff for free. I didn't have that much saved up when I had my daughter and did just fine. Im self-employed now and have been saving a lot of money for the next since I wont get disability next time.

If you wnat to start a college fund you could save for that. Of course I'm assuming you have insurance, otherwise there would be hefty medical costs.

Answer 5

Sounds like a pickle. Greyhound would probably be cheapest, but you would be limited on how much time you had, where. Train would give you the same problem. The best thing would be car, but that costs a lot. If you are going across the country, you may want to compare what you would pay to rent a car with all those miles, to buying an old, beat-up, but reliable car. I'd be willing to bet that you could find a older diesel or something that would serve you. Good luck and enjoy.

Answer 6

You really have no idea how much you will need until you have the baby. Plan on buying diapers every week and formula and wipes. Not planning on the cute clothes you will want and furniture.

But if you feel like you and your husband and financially stable and your jobs are secure then go ahead and get pregnant.

As long as the baby has love and food then everything will be ok.

Answer 7

lets make a list, if your living in the bay area, i hope you have a house there already. the baby is going to need some money.

You should start to plan for his/her collage money when he/she is born, that is a large amount.

Kids also need toys, books, computers, later he/she may ask for car or other things. Living in the bay area is also a little expensive. Don't forget food, school material, probaby the bed and other things.

Answer 8

You can never have too much money, but some ppl get by with what they have. Once you have a baby, you want to give them everything, but unless your name is Bill Gates, you wont be able to afford everything. Good luck on the baby planning.

Answer 9

A lot! Especially if you are planning to work, you need to think about daycare/babysitter costs. While I don't know specifics, I do know one thing. HAVE A BABY SHOWER! Get one of your friends or sisters or mom to throw you a baby shower. You can get everything you need if you register for it and it will save you hundreds of dollars. Good luck!

Answer 10

You will never have enough money, so go for it when you are ready!