How much $$ to save?

TeamReed

I posted this on the national board before I saw that Bmore has its own board..how cool!  How much are you all/do you all recommend saving before the baby arrives.  My husband and I are thinking about TTC but the financial aspect scares both of us.  We currently have free housing provided by my employer (sweet deal) but are trying to figure out how much we should have in the bank before any baby arrives.  Thanks for any input!

Mrs.RockyM

there's absolutely no way to truly plan for a baby - but I will say they're expensive!  Plus there's also money you'll spend when you're pregnant - medical costs, maternity clothes, etc.  Lots of things are area specific, even more so than just Maryland.  I'm in howard county and we spend 1500 a month on daycare - which was really average of what we saw, and a friend over on kent island spends 800 a month, and my sister in Harford county spends about 1300.

There's lots of different ways to save money, and you don't need everything.  It's great you're starting to think about this now.  I'd suggest buying or getting from the library baby bargains.  It talks about what you actually NEED and what's a complete waste of money. 

Some things to think about, which will effect how much money you spend.  Will you breast feed (and if so will you need a pump) or formula feed, disposable or cloth diapers, will you contine to work or will you put the baby in daycare, how much will your insurance cover regarding L&D or all the maternity appointments....

jnealet

I told DH we needed $10,000 in the bank and he agreed.  But then during our pregnancy, he lost his job and was out of work for about 3 months.  So that plan was shot to poop.  But now that she's 4 months old, we have the savigns account back up and running.

It's more about budgeting then saving, I think.  Do some research on costs and you'll make it work.  Remember, there are a lot of people out there who don't have as much money as you do and they still make it work with babies and kids.

momtodaisy

One thing to think about is if you work, and will take maternity leave to plan to have the money that you would have made saved.  It is a good idea to have some money saved specifically for the new expenses - that way it is one less stress when baby is born. 

One of my friends said if we all waited til we could afford babies, the world would cease to exist.  The gal who mentioned budgeting was totally right.  Having a good cushion in the bank is important.  And don't get caught up in having brand new stuff for baby (I could totally kick myself for the $40.00 bouncy chair that she barely uses).  I went used for as much stuff as possible (better for the environment too). 

There are lots of articles on cost of raising babies and on how to save money on stuff. 

HTH