3rd Trimester

Do you think you are financially ready for a baby?

DH and I were just talking about how you are never really ready.  I was wondering if you ladies are worried/concerned about the financial burden of having a child.  Obviously, the joy of having a child outweighs the cost but I was just wondering if you ladies are concerned about the financial impact having a child brings to your life.

Re: Do you think you are financially ready for a baby?

  • Nope, not at all.  Esp. because DH's company was just bought out last week and there are threats of layoffs.  Awesome.
  • We are financially ready for a baby but at the same time, of course, we are concerned how having two babies will affect us. If I didnt think we would be financially stable with the babies, I am sure things would be different right now. It is a huge impact but I think we'll be fine. However, we'll always just have a tad bit of worry because that is human nature.

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  • I am always worried about money even though we're fine.

    We tried for a baby because we felt that we would financially be alright. Of course, we understand you cannot see the future, so who knows, but we have our house and we went through our expenses and what a baby would cost for the first year and decided we could responsibly have a baby at this point.

    However, I always worry about money. Even before the baby. So...if I don't go overboard buying her every cute and rediculous thing I see that she doesn't need, we'll be fine lol. At least at this point...who knows...if we both lose our jobs it will get harder of course...but since we don't see that happening and its not likely in our given field, its just one of those "dumb" possiblities that I shouldn't worry so much about lol.

  • I always knew I wanted to be a SAHM so we always had a number that we knew we needed to get to savings-wise before we could have kids.  We were lucky to reach that number by the time I was 26/27.  It wasn't an amount we draw off to pay the bills every month, as we have always lived off of DH's income and saved mine when I was working.  It was just our nest egg/beginning of a college fund for our children. 

    We've really not felt a burden at all financially since we had DS.  The economy tanked right around the time he was born and DH has made less (he's in investment banking so a signficant portion of his income is bonuses, which have been lower in the last 2 years) but we still live very comfortably and haven't sacrificed too much.  What we have sacrificed like expensive dinners out and vacations, we would have done either way anyways, because we can't do those things with a child anymore anyways.

    I think because we planned so far ahead and always based our lifestyle on the assumption that I wouldn't be working for long, it's never really been an issue for us.

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  • I don't think you are ever really prepared financially.  I freaked out when I first found out I was pregnant then calmed down and figured we would be ok.  Now that I was put on bed rest I'm worried again that we are not prepared financially.  I know that we will get through anything that comes our way.
  • We are financially ready as we can be in this point in life. I do think if we waited till we were older we could be more set but honestly who knows what could happen in life and this is when we wanted to start having children. My husband is in the Navy, we have a steady income, benefit, I can be a SAHM and always have a place to live. We don't have to worry about my husband being laid off or losing his job. We are happy and we might not have as much as some people but we are not struggling and we are very happy with our life.
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  • Thanks to craigslist and generous baby shower gifts...we've only spent $1700 total on everything for the baby in the past 9 months...not bad at all....and then after she's born i figure the biggest expense will be increased health insurance and daycare costs...which are damn expensive...but we'll be able to afford it...just got to find ways to cut costs where you can!!
  • Yes.  We're ready.

    DH and I always 'pay ourselves first' each month.  Meaning, after money goes into our 401k and investments, we put an additional couple hundred away into our savings account.  Since being pregnant, we have continued to do this PLUS put an additional couple hundred away each pay period so that we can basically live as if we are already paying daycare, etc.

    By putting this extra money away we have added more to our savings and completely prepared ourselves for the extra outflow of costs in the future.

    Of course things always come up, but we're ready!

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  • DH and I feel just like you and your DH.  I really don't think you are ever totally ready. There are always bad things that can happen financially (layoffs,unexpected bills, etc.).  I think people just make it work.  I do wish we had been better about saving though.  And that is something that DH and I always talk about being better at but we never seem to do a great job at it. 

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  • We are financially ready in the way that we can afford everything the baby (and we) need, etc. But the amount we normally put into savings will be drastically cut (thanks, daycare!). We are trying to stuff some more into savings now & right after the baby gets here so when we start putting less in, it won't be as big of a deal (well, assuming we are both lucky enough to keep our jobs, etc.).
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  • Since we are losing one salary it's going to be a change for us.  We have always planned on one of us staying at home so we have prepared the best we can - paid off all or our debt except for my student loans, paid off our cars, and bought a house we could afford off one income.  We have also saved about 3 months salary in case the one working lost their job.  It will definitely be different since we don't have to necessarily *worry* about money now.  I just worry about unexpected things happening like something bad happening to our house, the one at work losing their job, etc. 



  • We are definitely NOT financially stable. My husband is a med student, and I finished a masters in education (its so I can work at universities) last May and have been job searching for about a year with no luck. I had a great interview last week but just found out I didn't get the job, so with my husband's school schedule we decided that it makes more sense for me to stay home with the baby rather than get a crappy job for ten months just to afford day care, and then we are moving a few weeks after DH finishes med school in May 2011. Because I haven't been able to find work,which would have negatively affected us whether or not we were having a baby, we have gone on food stamps and are thinking of going on welfare. A masters degree AND a medical degree in the family on welfare! But, its life, and we are thrilled about our baby, and we know there are families in our country struggling far more than we are, so whatever.
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  • That's a huge hell no.  DH will probably be getting laid off at the end of March and we've been sending out resumes every where with no replies  Tongue Tied

    Thankfully my F/T online Moderator position said they will still pay me my fulltime wage while I recover.  But I'm really hoping he gets another job so I can be a stay at home mom and not him.

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  • image MrsWindyCity:
    We are financially ready in the way that we can afford everything the baby (and we) need, etc. But the amount we normally put into savings will be drastically cut (thanks, daycare!). We are trying to stuff some more into savings now & right after the baby gets here so when we start putting less in, it won't be as big of a deal (well, assuming we are both lucky enough to keep our jobs, etc.).

    This is us. We started saving above and beyond day car costs more than a year ago so we have a nice baby fund and a decent emergency fund. It's painful to think of the cut to our savings, but as long as neither of us get laid off, baby won't change our day-to-day finances much.

    So it goes.
  • You certainly CAN be financially ready to have kids.  DH and I spent the last ten years working, saving, paying down debt, moving up in our careers... we bought a house that we can afford on only one salary (including ALL bills, food, living expenses), such that my salary is "fun money" - some of which will be going to daycare, but only a drop in the bucket.  I'm very happy that we waited till we were older and financially stable (not that old either, I'm still 30), because I grew up in a household where I always had to hear my mother worry about money, and we didn't do much of anything - I didn't vacation till I paid for it myself when I was much older.  I don't want to put my kids through that.
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  • image JamieS2006:
    You certainly CAN be financially ready to have kids.

    I agree. DH and I set certain financial goals that we wanted to achieve before we started TTC, namely a certain combined salary and a set amount of savings. Fortunately we were able to achieve those goals not long after we were married, so we didn't need to wait too long. Having DD1 didn't affect our savings and had minimal effect on our spending, and having DD2 won't change anything either. Of course we are still relieved that DD1 is potty-trained so we won't be spending double on diapers!

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  • Yes, but with a few caveats.  This is our second, so we have most of the big stuff already.  We cloth diaper and breastfeed, so that cuts down on our expenses tremendously.  We also are lucky enough to only need daycare for our DS, not for DD when she arrives, since we're in a very family-friendly work environment and having flexible work schedules (we're professors and our departments have allowed us to schedule our courses around each other's for the Fall and Spring semesters next year so we won't need childcare until DD is 1, we could also pull DS out of his daycare, but he's old enough he is thriving on a pre-school curriculum and being around other kids).  


    We did NOT feel financially ready with DS - I was still in grad school making barely any money, and DS had *just* finished his PhD and had a temporary contract.  We knew we could make it, but it was scary at first.  We are lucky that this time around we've been able to buy a house we can afford on 1 salary, have massively cut our student debt in just 2 years, and have money in savings and stable jobs.  It was tough the first go-around but it did work out! You can make it work and there are always uncertainties in life.   

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  • We are definitely not, however we will just scrimp and manage.  We just bought a small business 4months before I got pregnant.  Baby was definitely not in the business plan for the first year.  I'm sure it will all work out, it will just be more difficult both financially at home and for the business than we would have liked. 
  • I can't imagine someone not being worried about this. we are but wth, everyone is. I'm right there with you mama. worrying just makes it harder and the way I see it I'm having a baby wether theres money in the bank or not and we'll make it work. such is life. If we waited until the financial statements showed any sign of us being ready we'd be old gray and without children forever lol
  • No, I would love to have more $$$ in the bank before LO gets here. I'd love to afford to be a SAHM. But I wanted this LO so badly, I made sacrifices and saved what I could to be prepared before he comes. Working through pregnancy has been tough but building up our savings helps me sleep at night. I'd take this baby over all the $$$ in the world!
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  • Yup. I am quitting work to stay home temporarily (for multiple reasons I don't care to go into right now), and it's going to be tight, financially. H is looking for a new job, and we're hoping to move by Christmas, at the latest. If he can't find anything, I'll have to go back to work.

    I'm more stressed out over work/finances than I am about being a parent. Go figure.

    I think we could have been financially prepared, but baby was a huge surprise for us, so we didn't exactly have all our "ducks in a row".


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