Budgeting for baby(ies)

brooklynmama718

I'm planning on taking a year off of my full-time job to be with baby until she's 1. I might teach a course at the University 3 days per week during fall, but that's not really income. I have savings but feel the need to really start saving. I'm stopping shopping for clothes, canceled a subscription service (Sephora Play), doing things here and there. Let's share budgeting ideas here. I heard about selling old stuff, ebates. Anything else?

silliegirlie143

We cut all our magazines and went from cable tv to Hulu and Netflix (MORE than enough programming to keep us occupied)

Knottie42089123

Sell scentsy, lularoe, beachbody #kidding

lizerspitz

I've created a family budget for when childcare kicks in, building up 6 months emergency fund that includes all that can be used in June if necessary, and just pretending that we live under that restriction now. That way the extra $3000/month I've estimated for additional budget will all go into savings. I know not everyone can plan this way, but cutting back on discretionary spending now is a good start, though most people don't have thousands of discretionary spending they have lying around.

wifeinraleigh28

I've sold a lot of clothes on Poshmark. I needed to decrease the size of my wardrobe anyway because I was using the closet in our future baby's room as my dress closet, lol. But I've made some decent cash from it! I figure as long as I'm bringing in money (and not spending so much), that's a good thing right?

merrylea

We just toured a great daycare minutes from my work. $1600/mo which is more than our mortgage. There is no way we are saving that amount a month. How are we going to afford this kiddo?!?!

MotherofDragons

We cut our lawn service. And will be doing the "envelope" budget for groceries and eating out. We bleed money with eating out, ugh. 

We will be able to homestead our house in March, so that'll also help save some money each month.

I'm also being diligent with my hours at work. I am supposed to work 16 hrs/wk but had been slacking and leaving a little earlier or taking half days. It used all my paid time off. If I stick to 16 hrs/wk I should build about 4 weeks of vacation before June which will be helpful during maternity leave. 

email2ash

I canceled my Stitch Fix subscription which I loved but did not need. We cut our cleaning lady back from every other week to once a month. We both work full time so really appreciate the extra help! We also consolidated any debt that was accruing interest to something 0% or paying it off completely.

we toured a school that we fell in love with but had some sticker shock... $2700 a month for two kids! Yikes. Hubby has been picking up any overtime offered at work to save up.

brooklynmama718

Eating out is a big one!! I'm happy I don't have my expensive latte addiction anymore. I stick to one to two cups of corner store coffee that's about $1.50. Brought Oatmeal, bread, granola and peanut butter to work for food, and am cooking more often. I still have stitch fix and birchbox. Birchbox isn't very expensive, but I've gotten too many items on Stitch Fix which comes out to around $200 per box. I updated schedule from every two to three  weeks to monthly and will make sure I only keep stuff I will definitely use- maternity blouses especially. I'm ok with pants/jeans for now. I'm also doing more budget shopping via Amazon prime and have the student membership discount. I canceled my DryBar membership a few months ago and am working on using up my accumulated blow outs. Also saving on electric bill by keeping it lower at night and shutting off all day. My husband works full-time but has student loans to pay off. I'm happy I'm done with those and can just work on saving money.

lizerspitz

One of our favorite restaurants we just go for their soup. That saves us about $10-20 every time we go, instead of getting a pizza or sandwich. Not buying alcohol also helps.

sejica

I figure all the money I'm saving on alcohol should be enough to cover June expenses, right? #kidding 

Seriously though, babies are expensive. I love this thread though, some great tips already.

We also plan to drop cable, but I want to wait til after the NCAA men's b-ball tournament, unless anyone has had success with sling? I've heard it's a good enough replacement for cable for live sports.

kfry22

Buy second hand or thrift store stuff is a biggie for me. We don't have a lot of money that we spend that isn't already budgeted for. No cable, rarely eat out, no coffee habits, and I'm not a big shopper. My husband is self employeed so his business I run separately from my money and we don't have a joint account, which I know is odd for some married couples. The only way my husband and I save money is but not spending as much on something we would be buying already. I also dump the first portion of my check into saving each month and live off the rest. It's kind of a mind trick that I don't even have that money so it's not going to be used on anything. We did the Dave Ramsey Financial Peace classss last year at this time and it really opened my eyes to where our money was going. I'm more conscious of trying to shop for things when they are on sale and using coupons as well for things we normally buy. 

mombod

We are making a huge lifestyle change. DH is moving to second shift. DS will come out of daycare and baby #2 wont need to go. This saves $30k a year. Second shift comes with a 10% shift premium on his salary also. We will both get more time with the kids but less time together. We figure if we can make it even a year we can take the savings and pay off any (non-mortgage) debt, beef up our savings, and actually start a college fund.

virginiaunicorn11

I highly recommend the book I Will Teach You To Be Rich by Ramit Sethi. (Check it out from the library?)

The first couple chapters include several specific savings ideas, like scripts for how to call your subscription services and credit cards to negotiate lower rates. Then after cutting costs, he discusses how to increase income. He also describes Conscious Spending, which is a lifestyle change so you know exactly where every dollar is going, and that it is going to what matters for you. I like that he focuses on "big wins" and not worrying about $2 coffees or whatever.

The title is gimmicky, but my most business savvy friends all read and love his stuff. DH and I read the book and made big changes before we got married, and the financial stability saved our relationship. 

acrose0226

@kassyfry we've also done Dave Ramsey and found it to be incredibly helpful. We both read Total Money Makeover 6+ years ago when we were engaged and then did the Financial Peace classes when we got married shortly after that. 

We use envelopes for all cash expenses - groceries, dining out/entertainment, gas for the cars, dry cleaning, etc. this helps us stay within our budget. At the beginning of every month we sit down and do our monthly budget together - we call these our co-CFO meetings we have an excel spreadsheet (from Dave Ramsey) where we outline all of our predicted monthly expenses and then we both know how much we're saving, how much we're spending on "normal" expenses and also how much we're spending/budgeting for one-time bigger expenses. To help with our personal spending, we each get a monthly "commission" to spend on whatever we want individually - we both get the same amount regardless of who makes more. We have shared accounts and shared credit card. Since we view finances as really being a shared responsibility, we talk through big purchases and are super transparent about financial concerns, decisions and celebrate wins (hitting that next savings goal!). 

My annual bonus gets paid out this month and we plan on saving most of it to cover expenses while I'm on leave. We're still figuring out post-leave what our budget will look like. We haven't visited daycares yet and know that this will likely be the biggest expense.

n0soup4u

We just cancelled our cable which will save us $3k a year. I am really excited about that. We got a cheaper rate on internet. 

We have been working hard on eating at home and trying to spend money on needs vs wants. 

stella1011

Cutting cable is a big one.  We cut direct TV a year ago and now have Netflix and Hulu.  It was a $50+ savings a month...and we haven't looked back!  Also if you're looking for a good budgeting tool- check out the app "Mint".  I love it! It tracks everything! All my accounts, investments, charges, etc! Makes budgeting really easy.  It's free too...  We're currently redoing our budget to allow for a $2500/month daycare bill. Ughh! May as well get used to paying that amount now so it's not a shock when baby #2 comes!

stella1011

Oh and don't be afraid to call and negotiate your bills! I call our internet provider every so often and threaten to cancel and they always reduce our monthly bill for 6 months or so by giving us some promotional rate. It's a pain to call, but it's free money!  You can do the same with direct tv, cable too! 

alm52386

I would love to cut cable but DH HAS to have it for hockey. Ugh. Plus we pay extra for center ice. I've tried to talk him out of it but he won't budge. 

brooklynmama718

I'm only purchasing clothes on sale. Today I caved and bought $12.99 maternity leggings from h&m online. Got three other items also on sale and shipping was free with code. Whatever I don't like, I always return. It's my first pregnancy so I don't have many clothes, especially pants that will fit through June. I will try to work until my June 7 due day.

P.S. I canceled Hulu a few months ago. Only use my sister's Netflix and Amazon Prime TV which comes with my student membership. My husband pays for cable, so we have plenty to watch.

shmarpler

Definitely check out Dave Ramsey's "Financial Peace." We took the class and after, we were able to pay off all of my husband's student loans within a year. If we had not taken the class when we did, we would not be able to afford for me to be a stay at home mom. It walks you through very specific budgeting tactics, and helps you redefine "important" expenses. We don't have cable, but my husband made a tv antenna, so we get most of the channels we would watch anyway. We also have Netflix, and that (for us) is totally with what we pay.  We also have Amazon Prime, and have a few items on "subscribe and save." I had a hard time committing to that, but when I realized I ordered baby whipes almost exactly every 30 days, it seemed like a better choice as you can save an additional 5% off of the cheapest baby wipes I could find. We also do the envelope system, and that really helps cut down unnecessary expenses. 

brooklynmama718

Steps I have taken since finding out we were pregnant:

1) Cancel unnecessary subscription services (in my case Hulu, Sephora Play, DryBar membership). That's about $95 per month.

2) Purchased nice polishes to paint my own nails. I used to get gel polish (aka Shellac) for $28-35 or a manicure which ranges from 10-30 depending on what part of NYC you're in. Youtube has a great video that teaches how to polish perfectly: https://m.youtube.com/watch?v=1Ozq-QXgBiw

My pedicures are rare these days just because they last so long anyway. Hands are always a problem.

3) I have been making my own breakfast / lunch. I used to order expensive wraps around my Manhattan job, from home on seamless, etc.

4) I will only buy maternity clothes on sale online and always look for coupons codes /free shipping.

5) When I go to Ride Aid/CVS for purchases, I only get what we need and look for sales and coupons.

6) Before making any in-store purchases, I check on Amazon Prime for better prices. In the long run, you'll be saving so much $$. It's in a book I'm planning to get soon that people swear by called Pogue's Basics: Money: Essential Tips and Shortcuts (That No One Bothers to Tell You) About Beating the System

7) I returned all of the gadgets I thought I absolutely needed, but didn't (Apple Watch, Fitbit Blaze)- that's about $500 back in my bank. I bought a Fitbit flex on Groupon that I don't even use. 

8) I continue to use my iPhone wallet case that I purchased on Amazon in September. It still works fine and purchasing so many cases just because is silly. 

9) I have a Capital One Venture card that I purchase everything on (including electric bill, phone bill, all purchases) that I get miles on. These miles can be applied towards erasing travel purchases such as Uber, hotels, taxis, any form of transportation/travel purchases... Not just plane tickets! I pay this card in full every month so I never pay interest. 

10) I get 19% off my cell bill because I'm a city employee. Do your research and see if you can save.

11) Research any savings your employers offer via certain pharmacies or prescription card.

12) I save on my prescription pre-natal vitamins by using a coupon that the site offers (Vitafol Ultra)

What I splurge on and am OK with it:

1) Uber... It's cold and sometimes the train isn't most efficient on the weekends when you're doing things closer to your home. I live in New York City.

2) Gifts for my husband and/or family during special occasions such as birthdays. It's just worth it and I work hard for my money.

3) Dinner out once a week with husband / parents / sister. It's just worth it to me.

NarrowHouses

Eating out is a huge expense for us. We do it because it's fun/we like to try new things but also because we're lazy. Doing batch cooking freezer meals helped with the lazy part for sure when I was home with DD for a year. I'd just pull something out instead of asking DH to grab take out.

allywat

Eating out is the big thing we had to give up to save money when Ds was born. I'm also home way more now that I'm only part time so I'm able to cook all our meals. Amazon subscribe and save on diapers, wipes. I think cable will be the big cut for this baby we really only need it for college basketball season so might have to look into steaming the games. 

Knottie42089123

I used Dave Ramsey's gazelle budget back when I was single and have adopted the same approach in my married budget. DH and I each have a percentage of the budget that is personal/slush for ourselves, so I suggested we cut into that to start alloting for baby expenses. That way (hopefully) we don't start cutting amounts off the investing and vacation (super important to me) percentages.  

As a FTM I really have no idea what types of expenses I'm about to step into. I may consider using side income I have toward the SUV I'll need to buy, instead of funneling that money into investments, which is what I typically do. Buying a car right now makes me nervous because I'll be feeling less financially secure with that added debt. Ugh. I'm a child of immigrants and I will never be comfortable with debt.

tmrussell

These are all great ideas. My plan:

Cut cable when our contact is up. Savings of about $50 month.

Limit eating lunch out weekly to $20. If I don't use the $20 save it for some thing I want. I go out to lunch way too much.

Limit eating dinner out to once a week with the family.

I find grocery shopping can be reduced when I shop every other week (may have to get essentials like milk in between) and meal plan. When we go every week we buy more junk. Also started shopping at Aldi when I can.

I have to get DH on board he is a spender and buys junk that we don't need.

Kylieslip24

Just this morning we called our cell company and lowered our bill from $300 to $170. Yay! We also decided dh wont eat out or get coffee out anymore, at least till we're done paying off this baby's birth, and I will not be shopping online. That will be hard for us, but it's really where all our extra money goes. We're also buying the absolute minimum for this baby. Car seat is the only thing we absolutely need to buy. 
With dd we decided to cloth diaper so besides the few newborn sized diapers we already bought used, we won't have to buy diapers or wipes. 

awillis13

We had the discussion about our cable yesterday.  We are most likely going to drop to internet only and pick up a digital HD antenna for the local channels, plus netflix/hulu.  Infant care plus before/after care for my oldest is still looking to be at least $1700/mo (and that's if we can get into a home daycare).

brooklynmama718

How's the budgeting going ladies? I shopped around for a new homeowner's insurance yesterday and got the same as I've had for $100 cheaper!! I've been bringing my breakfast lunch to work and DH and I haven't been eating out as much. Any updates? 

email2ash

@NYCProf DH and I fell of the band wagon this past weekend when we splurged on a Great Wolf Lodge trip. DS loved the water park but it's like spending the weekend in Disney! Back on track this week.

tmrussell

It's hard. My husband is a spender I feel like the spending police. Everytime we go to the store he tries to buy crap we don't need. He loves buying our son toys... Legos. Do any of you ladies have a SO who doesn't get it...? And how do you stick to a budget while not feeling like your parenting your spouse ugh! 

Edit: The only thing I have found is I try to go grocery shopping without him. Sometimes that's just not practical though.

zseirecarg

@tmrussell my husband just bought a $70 flashlight... a flashlight! like we don't have a few already at home... 

jc_twomamas

DH and I follow a pretty strict budget and do the envelope method. We just went back over our budget tonight and added in a few areas we need extra savings for (new carpet in DS1 and baby's room). DH and I are thankfully on the same page when it comes to finances. We don't buy any big purchases unless we can pay for it in cash (we do have our mortgage and car loans though). 

We added an extra $$ to what we've already been putting into savings to help plan for some bigger expenses this summer (baby expenses/weddings/travel). We have our "absolute minimum" amount that savings has to be at (for our own comfort purposes) and then on top of that, the amount we need to "pay" me during my maternity leave (we will continue on my pay check schedule and just "pay" me out of savings to keep on budget). 

To make that happen we have a weekly allowance each and do not use our bank card for anything other then what bills are linked to it. Gas, groceries and free spend are all cash envelope method. Our allowance is smaller then it was before this pregnancy, but it's totally worth it and do able. 

krex-2

We've cut cable, our cleaning lady (she came twice a month because we both work full time), and have put together a detailed budget on Mint.com that we track all the time.  We also moved to using only cash to help control the CC spend.  Also, we cut back on eating out, which helped a lot.

I've found meal planning really helps us to keep our grocery and food budget in check.  We do a weekly meal plan, but I've considered going to a monthly one to buy bulk on some items.

gabadoo

I'm basically bringing food from home to work for 90% of my shifts, which has helped...plus, not buying coffee 1-2 times a day. But, eating out or ordering in is how my husband and I spend most of our downtime, so it's a luxury that we're just not willing to cut out at this point. Instead, I'm picking up extra moonlighting hours at my main job (ER) and a side job (urgent care)...like @devow27, I have a set goal for what I'd like our savings to be at come June, in case I decide to take any unpaid time off after FMLA...working on padding that number by then!

DewyK

Meal planning helps us cut costs a ton. If I don't meal plan, I find that we eat out much more which adds up quickly. 

I also shop for my kids' clothes a season in advance. So right now I'm buying all of them winter clothes for next year since most of them are on sale as they bring out spring/summer clothes.

MotherofDragons

@DewyK we do this, too! Our kids are ready for next Christmas. 

Also living in Florida makes it so easy. It's all one giant heat stroke. 

BellaO21

tmrussell said:

It's hard. My husband is a spender I feel like the spending police. Everytime we go to the store he tries to buy crap we don't need. He loves buying our son toys... Legos. Do any of you ladies have a SO who doesn't get it...? And how do you stick to a budget while not feeling like your parenting your spouse ugh! 

Edit: The only thing I have found is I try to go grocery shopping without him. Sometimes that's just not practical though.

My DH is the same way... this is going to sound horrible but I took over the whole banking situation when we got married- so I do the budgeting and bills each month. When he asks how much we have, I'll typically tell him less than what's actually available. Plus he has a separate bank account from before we got married that he gets $200/month deposited into so that is his "allowance" and student loan payment lol 

@DewyK we do the same thing for my SS! And so far have already built up a good wardrobe for this LO that way! 

helloaustin123

acrose0226  is the dave ramsey spreadsheet free online? 

I love this thread! Just this week I've been diving more into our budget. We both have just been spending unnecessarily. I added up all the times we went out to eat, picked up or ordered in in January and the number was alarming. This month is about new changes! I've been researching Dave Ramsey after hearing so many good things about him. I'm not sure I want to take a class, but I think I'll be buying his Total Money Makeover book. I have been working on our budget and there are some things we are changing right away - canceling spotify premium, I've started meal planning, being more conscious of grocery trips and only going once a week vs picking up randomly. I just wish I could get DH more on board. I feel like I'm trying to cut back and be more conscious yet he still goes out to lunch or picks up lunch at work all the time. I'm a SAHM so I eat lunch at home, always. I asked if he would take some cards out of his wallet and only keep one in there for emergencies but he doesn't want too. I don't understand why it's so hard to put them in a drawer and only use one if needed. So that has been frustrating.

brooklynmama718

helloaustin123 said:

acrose0226  is the dave ramsey spreadsheet free online? 

I love this thread! Just this week I've been diving more into our budget. We both have just been spending unnecessarily. I added up all the times we went out to eat, picked up or ordered in in January and the number was alarming. This month is about new changes! I've been researching Dave Ramsey after hearing so many good things about him. I'm not sure I want to take a class, but I think I'll be buying his Total Money Makeover book. I have been working on our budget and there are some things we are changing right away - canceling spotify premium, I've started meal planning, being more conscious of grocery trips and only going once a week vs picking up randomly. I just wish I could get DH more on board. I feel like I'm trying to cut back and be more conscious yet he still goes out to lunch or picks up lunch at work all the time. I'm a SAHM so I eat lunch at home, always. I asked if he would take some cards out of his wallet and only keep one in there for emergencies but he doesn't want too. I don't understand why it's so hard to put them in a drawer and only use one if needed. So that has been frustrating.

I hear Ya! My DH is an accountant and always talks about spending too much $$, yet come to think of it, he also has Spotify premium and goes out for drinks from time to time with guys. He's great at not buying much clothes though.

I have to admit, I've been bad on the weekends with Uber rides, but it's just so cold now and I take the train everyday to work!! I'm being more aware of my clothes shopping and definitely returning items I know I won't wear. I'm returning a coat and returned a shirt yesterday. 

tjvan

We paid off all of our debt by working in a semi-dangerous, remote part of the world for 2 years, so we're extremely fortunate to have a baby at this time. (Although with day care coming, it will be like having a mortgage or car note again...) But, we are still pinching pennies to prepare. I've been selling a ton of stuff on Craigslist and Facebook, which has actually been really therapeutic to let things go. And we're also buying all of our nursery furniture second hand if possible and refinishing, painting, etc. ourselves. It's actually been fun bc it's been a chance for my husband to feel a lot more involved in preparing for baby!