since we're talking $$$...

uncharch7 · August 2009

i'm doing a very rough mock budget for a hypothetical baby. assuming $850 is used for daycare, does $1200/mo TOTAL seem adequate to you? assume FF and 'sposies, not including the amt. for health insurance (since that varies for everyone). not saying we'll FF and use 'sposies, from my (quick) research though these seem more expensive than the alternatives.

based on the SAH post below though, sounds like i should note that this DC cost has been researched for the N CLT area.

marryingacoach · August 2009

The first year it may be a little higher b/c more doc appt think of co pays and all. I think I calculated around $50 to $60 per week for diapers and formula .. that too will go down after the first 6months or so. I thnk your estimate is pretty good.

dbertagni · August 2009

I spend about $40 on formula a month and $50+ on diapers a month right now. It was more in the early stages. Don't forget wipes. I buy everything at Costco and I get 700 wipes for $15. I have only bought 3 boxes in six months and have enough to last us another 3-4. It is SUPER expensive to have a baby. I hate to use the term "start up fees" but I would factor in several thousand upfront just to get you off and running! Hospital fees, birthing class costs, clothes, furniture, bedding, new bras, clothes for you. Just when you think you have bought the last darn thing your child will need, they move into a new phase. Right now for us it is solid foods, and new car seat and high chair.

uncharch7 · August 2009

dbertagni:
I spend about $40 on formula a month and $50+ on diapers a month right now. It was more in the early stages. Don't forget wipes. I buy everything at Costco and I get 700 wipes for $15. I have only bought 3 boxes in six months and have enough to last us another 3-4. It is SUPER expensive to have a baby. I hate to use the term "start up fees" but I would factor in several thousand upfront just to get you off and running! Hospital fees, birthing class costs, clothes, furniture, bedding, new bras, clothes for you. Just when you think you have bought the last darn thing your child will need, they move into a new phase. Right now for us it is solid foods, and new car seat and high chair.

No kidding! I started hyperventilating yesterday when I started adding it all up. I have no idea how we'll afford it.

Up front costs are listed as a separate item for now, since those will be added as a line in savings. I'm hoping to end up with a job w/ good insurance...

mrsmikey · August 2009

Month to month expenses are easily doable, after you've calculated daycare, formula, and diapers. That's really the most of it. Add a few here and there for copays, occassional clothes, toys, etc. and really it's not too much.

But yeah, it's the start up that will get you! Make sure you know how much it will cost for you to have a NORMAL pg and delivery, then know that it could be so much more. Honestly, prepare to pay your oop max, for BOTH of you.

But back to your original question, sounds like you have it covered. If you know the average price for a good daycare in your area, add formula and diapers and you're set. We used generic formula, and went through about a can in 5 days at the most, and it was $15/can. You can also save with generic diapers if they work for you. We use Pampers, and when we were using them full time it was about $40/month.

cmbrown · August 2009

I gave you my costs on MM yesterday. But I should note, in the beginning it was more $. We went through so many diapers so quick.

And honestly, it is expensive. But it really just falls into place. We didn't set up a budget like you are to prepare or anything. And it really just works out. We didn't have savings or anything. We did things a little backwards! We had about $2000 in savings and blew threw that during maternity leave on doctors, etc.

We still haven't been able to save lots. So I am sure you are ahead of me there!

It is soo worth it though.

ECUPirate04 · August 2009

That sounds doable. I'll second what Mikey said. Unexpected stuff like bedrest, a preemie, etc will put you way over budget if you don't plan for the worst as far as your max out of pocket.

Also, all the other start up costs like crib etc. I wasn't going to deal with due to hand me downs. I was really lucky though but never underestimate used stuff because you can save a lot of money that way.

MrsHughesNC · August 2009

We spend $40 on (generic--BJ's brand) formula per month, and about $30-40 a month on diapers (typically Huggies or Luvs, sometimes Pampers). I save a lot on diapers shopping sales and using coupons.

I have no doubt you could save like that on diapers too, as a fellow bargain shopper, if you decide to go with sposies. Smile I know you're trying to figure out a worst case scenario, but just thought I'd pass that on.

uncharch7 · August 2009

mrsmikey:

But yeah, it's the start up that will get you! Make sure you know how much it will cost for you to have a NORMAL pg and delivery, then know that it could be so much more. Honestly, prepare to pay your oop max, for BOTH of you.

it's killing me to not know this right now due to the fact that anything is better than putting a dependent on DH's insurance, so until i have a job, we can't even know the OOP max Sad

we're definitely going to plan on maxing that out though, and will most likely save for my OOP max twice and the kidlet once (knowing my luck i'd be in 2 benefit years!) i've got a rough budget in mind for furniture, car seats, stroller, etc. so we can at least start saving for that.

it's strange but the start up costs don't scare me. maybe because we have a timeframe to save for them in since we aren't TTC yet... it's the month to month costs that scare the sh!t outta me!

marryingacoach · August 2009

uncharch7:
mrsmikey:

.
it's the month to month costs that scare the sh!t outta me!

You will be amazed at how the money is just there... you do a lot less when you have a LO (at least we did). I can't explain it but we like to joke damn it would have been nice to know we had an extra $1000 every month.

ECUGirl2004 · August 2009

Ditto Coach. I know some people still eat out a lot with kids, but it's really rare for us to go out to eat or to the movies, or really, to anything at all! LOL

I also save a lot b/c I no longer have time to run out to Target and spend $40 on nothing like I used to do once or twice a week. :P

mrsmikey · August 2009

Chances are, even if you do have health issues while you're pg, the majority of your costs will up being in only one calendar year. I mean, it's possible, but I would feel comfortable with only one OOP max for you and one for the baby. My OOP max is 4K, and that seems to be what alot of plans are. Just to give you an idea.

I had a general idea of what L&D would cost me, and I had that put away in a flexible spending account. And it ended up being pretty darned close. But I was dumb and didn't think that Eli would cost anything (to deliver) and didn't have anything saved up for him. So we spent the 4K on him, since he was in the NICU. Fortunately all his care was in the same year! But in January of the next year he needed tubes Angry .

You are probably doing so much more than most people do. If you're comfortable with what you've saved for worst case L&D and prenatal care, along with possible newborn costs, then I really think you'll be ok with the monthly stuff. It really isn't that much aside from daycare. Really, I promise. Everyone rants about how much diapers and formula cost, but really, it's no more than you're probably already inadvertantly spending on random things you don't even need!

uncharch7 · August 2009

thanks mikey!

i'm still trying to wrap my brain around it and i guess eventually i'll get there. i'm trying to figure out where the $ is, where it could come from... i know some of you mentioned going out less but in all honesty we go out one, maybe two times a month for dinner. anything else is essentially free by going to friend's houses or they come here and that comes out of grocery $$.

i'm paranoid and probably over thinking this, but that's ok, or at least that's what i keep telling myself Wink

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