How much for a baby?

ashleybritton

I'm in the process of a career change and am trying to reassure myself that we can make this work.  For the first 1-2 years of having a baby (and keep in mind that this is living in a dream world where we get pregnant right away), money is going to be very tight.  After paying all of our bills including groceries and gas, we will have about $1000.00 remaining.  We have secured daycare for $500.00 a month, bringing our remaining income to $500.00.

 My question is; is this feasible?  I know it will be tight and there are a few things my husband and I can do if we need to to supplement our monthly income, but I would rather not if it can be avoided.  We will have money in savings and technically I could use some of that money to pay off my car which would decrease our bills by $300.00 if needed.  Do you think we need to sell our house and down-size, or is this possible? 

The reason I'm changing jobs is so we can start a family, but it's going to be a 60% cut in pay for me.

Taytee

I think you definitely have a good enough handle on things to make it work. I wouldn't even call that tight! We're making do with much less, savings already gone and we have two.

Sounds like you are disciplined! What careers are you moving between? Why can't you have a family with your current position? (If you don't mind my asking)

kiarox2002

I have a budget of $125 a month for baby stuff and it is plenty most months.  It includes any doctor co-pays, toys, clothes, medications etc.  We do breastfeed and cloth diaper though.  I'm not sure how much formula is, but I would budget for it just in case even if you plan to breastfeed.   

ETA:  I would probably use the $500 a month that is going to be going towards daycare to pay off your car.  Then when you get pregnant, I would use it to set up your nursery (crib, carseat), save for delivery, and then put the rest in savings for an emergency fund. 

ashleybritton

Thanks ladies!  I'm currently in sales which I love and has been a really great opportunity for us.  That said, we never see each other.  My days off are Tuesdays and Wednesdays (which I usually spend at work) and my husband has off on the weekends.  I'm allowed 2 weekends off a year and I don't get off work until 7:00. 

We could technically start a family with this schedule, but it doesn't appeal to me at all.  I would like to enjoy our children together.  Plus, I hate the idea of coming home when my children are going to bed.  I could technically stay in sales in a different feild, but it's really a stressful job and I just don't think I want to deal with that kind of stress anymore.

I'm going through alternative certification to teach middle school math!  Just so I don't offend any teachers...I certainly don't think teaching will be stress free by any means.  Just a different kind of stress.  Not the, if you don't make sales you're out of a job and we will have to lay people off because of it stress...

Taytee

I went from working as an Analyst in a cube to an ER nurse. Definitely did nothing to reduce my stress level but does give me the kind of flexibility I wanted for family.

I'm sure you'll love teaching! It's not as much money of course but it's a predictable paycheck which is wonderful in it's own right.

balihaigirl

Sounds totally do-able to me.  That's about what we spend a month and we spend the same amt on daycare.  So you should be fine!  

No matter what, you will make it work - DH and I were by no means financially ready to have a baby (our little surprise!) but we have really surprised ourselves with how we came up with the $1k a month that we have needed to have our little guy around!  

And it's totally worth it!!! I'd rather be on a tight budget and have our little one here than to spend that $1k on things we used to.  Our little one is our whole world now.

Good luck!

HSartteach

teaching is stressful, but to me it's the good stress.  I think you can totally make it work.  I don't take home much and I don't spend $500 on my little guy every month.  I don't think you offended any teachers.  I would totally rather teach than be in sales (no offense to anyone in sales).  Just not my cup of tea.

Good luck to you.  Where are you doing your alt. cert?

ashleybritton

Thanks everyone.  HSartteach, I'm doing it through iteach. It's the only program that worked with my schedule.  My mom works for Region 13 and actually created their alt. cert. program, so this is giving her a bit of a heart attack!  I'm nervous about finding a job though.  Apparently with the economy a lot of people are entering the teaching field making it much more difficult to secure a job than in years past.  I'm trying not to focus on that yet though. :-)

HSartteach

true about a lot of people jumping over, but good math teachers are in high demand.