The fun topic of finances!

maze_bright

Were you financially preparing for your LO? Or did the positive pregnancy test send you into a savings frenzy? We weren't saving for a baby, per se, but we had a little bit stashed away. Now I worry that we don't have enough saved up! How do you know when you've got enough saved to feel secure?

otherhalf

maze_bright:

How do you know when you've got enough saved to feel secure?

 

I don't think I'll ever feel like we have enough to not worry about things...  I'm a worrier and a "what-ifer"....

Jessie0706

We weren't saving much when we were TTC (well, we were fortunate and got a BFP after the first try...), but now are saving for the 3 months I'll be off work.

chick730

I don't know if I will ever feel secure with our savings..but we have been preparing for this since we got married almost 3 years ago.  My main concerns were saving enough money to make up the difference when I am on maternity leave and all the bills/mortgage during that time.  So all in all, I have 4 months pay and 6 months of daycare saved up.  This is seperate from our usual savings.

mrsmyers8

I too have been saving like crazy since got BFP. for the time i will be off work.  Somehow life always has a way of working things out.  I am sure you guys will be fine.  Good luck.

armourall

we WERE NOT saving, infact we were trying really hard to get all our lovely medical bills going into collections paid off. We still aren't saving we're working on the later... still. But I know that I'm resourceful and I have support from family so everything will be okay. Financially there's never a GOOD time to have a baby, at least that's what I've been told.

FLVintageBride

We feel fairly prepared.  We planned for this one so it wasn't an oops situation.  We both have secure ::knock on wood:: jobs, we have no debt but our mortgage, are able to max out our 401k contributions, contribute to the kids' 529 plans and still have money left over each month for additional savings.  Daycare is going to be pricey, but we'll still have a good amount left over each month.  I do wish our liquid emergency fund was a little larger, but we're adding to it every month.  I am glad we are in the position that we are.

DiscusCoach

The trifecta of DOOOOOMMMMM - 

1. This economic downturn is KILLING us! We have 2 restaurants in a small tourist town and guess what  - no one is traveling. We are breaking even but we have to do more than that if we are going to get through a potentially slow winter.

2. On top of that the mega developer from hell bought the property we are on and is illegally trying to have us evicted. Every month it is something new. It is like one of those nightmare stories of the fiesty small town small business owner taking on the giant evil corporation that they make movies about on Lifetime. We are in the hole $70,000 right now on court costs/lawyers fees alone. DH is in a deposition as we speak.I think what is happening is they have deeper pockets and they are just trying to run us in to the ground - force us in to ruin.

3. To top that off FIL passed away last year leaving a nightmarish financial situation of business partners, back taxes, 2 large unfinished construction projects which are now upside down,  an unfinished residential care facility and 23 (yes - I said 23) worthless LLC's formed for which we didn't have all the paperwork. We are now supporting MIL and trying to clean up FIL's messes as best we can. We are in to that for over $100,000. 

If things were normal - we'd be fine. We lost almost all of our savings in the stock market. All the money mentioned above has come out of the equity we had in our investments. Bye - bye retirement...

lspinman

Once we started to TTC we stopped spending any of my salary (we were not yet sure then if I would keep working).  It has really helped us learn how to live on a tight budget and it helped build savings.  Now that we have medical bills, nursery purchases and general LO expenses we use what we saved for that.  I have always been a "saver" so even if we had to live on double income I always make budgets and save a specific amount every month- this really adds up over time and makes me feel a bit easier about the money situation!

DiscusCoach

Sorry about my little vent...

We'll be fine. 

I don't know that it is all about saving. A lot has to do w/overall investments like property and such. I think I am looking at that as emergency back-up. 

maze_bright

DiscusCoach:

The trifecta of DOOOOOMMMMM - 

1. This economic downturn is KILLING us! We have 2 restaurants in a small tourist town and guess what  - no one is traveling. We are breaking even but we have to do more than that if we are going to get through a potentially slow winter.

2. On top of that the mega developer from hell bought the property we are on and is illegally trying to have us evicted. Every month it is something new. It is like one of those nightmare stories of the fiesty small town small business owner taking on the giant evil corporation that they make movies about on Lifetime. We are in the hole $70,000 right now on court costs/lawyers fees alone. DH is in a deposition as we speak.I think what is happening is they have deeper pockets and they are just trying to run us in to the ground - force us in to ruin.

3. To top that off FIL passed away last year leaving a nightmarish financial situation of business partners, back taxes, 2 large unfinished construction projects which are now upside down,  an unfinished residential care facility and 23 (yes - I said 23) worthless LLC's formed for which we didn't have all the paperwork. We are now supporting MIL and trying to clean up FIL's messes as best we can. We are in to that for over $100,000. 

If things were normal - we'd be fine. We lost almost all of our savings in the stock market. All the money mentioned above has come out of the equity we had in our investments. Bye - bye retirement...

My jaw is on the floor. That's a really tough situation to be in (and that's an understatement!) I'm so sorry to hear this, but like people keep saying to me: There's a way to make it work. God knows, it'd be nice to see the way clearly sometimes.

lspinman

DiscusCoach:

Sorry about my little vent...

We'll be fine. 

I don't know that it is all about saving. A lot has to do w/overall investments like property and such. I think I am looking at that as emergency back-up. 

The stock market was brutal on us too... totally changed our household $$ philosophy!!!

MissyC979

We have a pretty decent savings account. However, I still don't feel great about our finances. I don't know if I'd ever feel 100% comfortable though.

JinglesChic

Considering that I'm a full time student, we just got married less than a year ago, and I was told I wasn't O'ing, we have nothing saved up. We're banking that I'll get a good job once I'm out of school (my career field is growing so hopefully it won't be too hard.)