Question on money..

BonnieBlue83

Hubbie and I are looking to start planning for children - but he's very nervous on our wages on what is a decent amount that we have in savings.

Just going to be blunt and throw it it out there - we make a combined income of appx 80k and have about 15k in savings.  

 

I'm trying to tell him I don't think there is any "set" amount of pay that would make us fully prepared... with daycare/spending costs/saving for college educations, do you think we're making a liveable income to support 1-3 children over the next few years?

mrstengallonhat1

I think it really depends on where you live, what the cost of living is in your area, if you own or rent, etc. I don't think there is any steadfast rule to go by as to what you should make or have saved before children. You should absolutely have a safe

kcisthebombdotcom

Not enough info. 80k would be pocket change in NYC but would provide a very comfortable existence in Oklahoma. It also depends on what your set expenses are/how much daycare would be/etc.

FemShep

The amount of debt you have is also important. How long will you take off before you return to work?  Will you have any disability coverage?

Long story short, there's no hard and fast rule about how much money is enough to TTC, but as PPs ha

ASmallWonder

It's less about what you have in savings and much more about how far 80k gets you where you live.  Don't put off researching how much daycare costs in your area.  Too many people are stunned to near tears when they hear the amount but it's after

bugandbibs

<p>It's impossible to answer this question without more information about your budget and fixed expenses. I would suggest you and YH have a budget review to account for where all of your money goes for a year. Put down on paper all fixed monthly, qu

magdalina.h

It depends on a lot of factors. Your cost of living and what you choose to be important. Where I live, that is very doable.

Maya+More

I think a lot of people overestimate the wrong things when it comes to pregnancy/child related expenses.  Clothes, gear, furniture, etc -- ALL that can be bought 2nd hand and washed on hot or otherwise sanitized; I think the only new item I bought

Twinkie0612

It depends on your COL.  You need to sit down and look at your monthly income vs. your monthly expenses.  Do some research and see if your budget still works if you add in baby related expenses (daycare, insurance for the baby, diapers, formula,

SmileyJay

I'm in a pretty similar boat.

We live in a relatively low cost of living area. Married for 2 years, lived together for 5. We love children, we practically beg to babysit all the time and our perfect night is playing board games at home.  We

staycee

that would be on the tight end for us in the area we live

for the record, our first year of daycare for only ONE child was $17,000 

DrewsWife2007

Again, it is very personal. My husband and I make 135K a year, but we stupidly got ourselves into a lot of credit card debt plus student loans on top of it...so we have to put off having kids for who knows how long...