1st Trimester

Really worried about finances!

 

I'm really worried about finances. We have both credit cards and student loans that we are trying to pay off in addition to trying to save money for baby expenses?  What is everyone else doing to try to save for baby?

Re: Really worried about finances!

  • I am kinda wondering the same thing, we are not in finacial trouble but I am wondering how much we should have put away so that when the baby does come we aren't broke.  Any suggestions on amount to save?
    BabyFruit Ticker
  • First think about whether you'll be staying home or putting baby in daycare.  That's the #1 biggest expense (assuming you have health insurance and won't incur medical bills).  Research homes and centers near you to get an idea of pricing.

    We had a shower and were lucky enough to receive all our necessities.  However, make the assumption that maybe you won't get everything.  At a minimum you'll need a crib/pack n play/cradle with sheets and a car seat.  There are about a million other things that you may need (like a pump, bottles, etc).  Most are non essential but will depend on what your plans are (i.e. breast vs formula feeding).  Clothes are a no brainer but you can find great deals at consigment stores if you aren't able/are not willing to buy new.  Babies wear things for a short amount of time so most things stay in great shape.

    If you decide to formula feed, do yourself a favor and use a store brand.  It is nutrionally equivelant to the brand names and will save you a LOT of money.  A big can of Target brand is $19 and at our peak we went through one ever week and a half.  Diapers are hit or miss because not all brands work for all kids.  I would say at our peak we've used $50 worth of diapers in a month - Pampers Dry Max.

    Other things to keep in mind will be copays for you and baby.  You'll go once or twice after the birth and the baby will have several well visits in his/her first months.  That's obviously not including them getting sick so make sure you have enough to cover those. 

    Formerly known as elmoali :)

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  • Every time you go to Target, buy a gift card. $20 if you can afford it, but $5 or $10 or whatever if you can't.

    After the baby comes, use your gift cards to buy diapers (and formula if needed). It's like a little savings account before the baby comes.

     

    Also, if you are able to, live on one salary from now until the baby comes. Take the other salary and put it in a savings account. When the baby arrives, you will have a nest egg and a good notion of whether you can live on one income or not.

    Have you ever seen a pregnant ninja?
  • we are going to start budgeting big time! we just got married and was about to start budgeting now and plan for a baby after the New Year. Welll, since the whole baby thing got pushed up a few months (LOL), we figure we still have 9 months to saving to do.

    since your LO is not here yet you still have time to budget! at least you can be practicing now, before you really have to cut back. one thing we are doing is giving ourselves a weekly allowance. we are not allowed to go over, and if we don't spend it all for that week, it doesn't get rolled over; we just put the rest into a savings account. we are also trying to cut back on how much we eat out for lunch as well.

    image image image BabyFetus Ticker
  • I would start living now as you will when the baby comes. Daycare costs? Start paying yourself now. Put it in savings. Anticipated monthly baby expenses, same thing.

    If one of you is planning on stopping working, start living on one income now. Save save save. 

     We cloth diapered and breastfed our first, so we had little month to month expenses at first. The big change for us was insurance costs for the baby. well baby check ups, rxs and other health related items really added up for us.  

     mint.com is a great tool for budgeting and seeing exactly where your money is going. 

  • Hubby and I did Dave Ramsey's Total Money Makeover. He suggests that you pay the minimum on everything and stockpile as much money as you can until you have the baby and know that you have a healthy baby and recovery. Having that emergency fund will be more important than paying off extra on the the debt until after the baby is born. Once you've figured out costs of maintaining, you can start applying the rest of your income to the debt. He suggests a 3-6 month emergecny fund but at least keep $1,000 in a savings acct for if something happens and you need to tap it. Visit daveramsey.com if you want to, I can't give enough praise to DR and his team!!!
    BabyFruit Ticker
  • I am worried about this in combination with daycare. I'm a teacher, so I don't make much, and at least HALF of my paycheck would go to daycare. Considering how time-consuming and stressful my job is, it doesn't make sense for me to keep doing it... but I don't think we can afford for me to be a SAHM. I have a lot of student loans, and we have our mortgage and utilities every month. I was supposed to get a new(ish) car, but now it looks like I'll be driving this one for awhile longer!
    Amanda

    ******************************

    Nov siggy challenge: animals eating Thanksgiving food


    BabyFruit Ticker
    Rhys - born 04.17.2013
    Harry - born 04.18.2016
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