Baby on the way and FINANCES. — The Bump
March 2012 Moms

Baby on the way and FINANCES.

Sooo...is anyone else besides me starting to freak out about money and the baby coming? I know that we will make it work, but I am having a harder and harder time quieting the voices in my head that make me freak out. We are okay right now, but I am just starting to get worried.

 

Anyone else??

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Re: Baby on the way and FINANCES.

  • Not really freaking out over here... we budgeted and saved and then purchased all of our big baby items... and we are BF'ing and CD'ing, so really the cost of the baby isn't that great. 
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  • I am.. we are not the best at staying on budget as is and I am really concerned about the extremely high cost of daycare in my area..I think the daycare costs are what scare me the most...

  • I have my moments of worry, but DH tells me it will be fine. I have to trust him...
  • I'm right there with you. 

    I'm not getting nervous about finances now... but after the baby comes. Like take day care. This summer it's going to cost $750+ a month for the baby and my son. It's only about $65 a month right now with my son being in school. That's a big freaking difference! That is pretty much the only big thing... but still. it's a big difference!

    Working, Breastfeeding, Unmedicated Birthing Mother of Two.
  • Daycare costs are insane. The cheapest I have found is $1000.00 a month. Between daycare, insurance, etc. I am just stressing big time. I plan on BF'ing so I think that will help. DH and I both work full-time,and I plan on returning to work if it is cost-effective to do so (versus paying for daycare full-time).
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  • Sort of... but not really...

    We've been budgeting for years, so for us it's just adding line items into the budget and re-working the numbers to make it all work again.

    I think it's the big ticket items that are making my hyperventilate some days and seeing the baby savings go down with the big purchases of furniture, stroller, car seat, etc... (I knew it would... but I just didn't want to see that day coming! lol). 

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  • Oh, I definitely worry. To NOT worry just isn't within my abilities. This w/e we're sitting down and creating a spreadsheet of expenses and figuring out where to trim what fat there may be. Daycare costs around here are pretty insane, wouldn't be unheard of to pay around $175/wk for infant care. I'm hoping to find an in-home care provider who can be flexible with DH's work hours so that we won't need full-time care.

    As for the PP who said they were CD and BF; be prepared. Even with those costs cut down; baby is STILL expensive. 

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  • Somewhat, but I think that's kind of my normal way to be.  There are no jobs in my field so I'm a SAHM which is great and we save on daycare, but $40,000 less a year makes a difference. 

    Anyway, do what you can now to try to start budgeting and being smart about finances.  The thing about having a baby that's difficult is that you can't really plan ahead for a lot of things.  For example, you can hope and plan to BF, but sometimes things just don't work out.  Physically it isn't possible for me, but EP'ing is (however, that with a newborn and toddler probably isn't possible either).  I would assume you'll have a shower and hopefully get lots of things then to help with some of those big purchases.

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  • image ChristinaBargholz:

    I'm right there with you. 

    I'm not getting nervous about finances now... but after the baby comes. Like take day care. This summer it's going to cost $750+ a month for the baby and my son. It's only about $65 a month right now with my son being in school. That's a big freaking difference! That is pretty much the only big thing... but still. it's a big difference!

    That's a crazy difference!

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  • I definitely have the money talk running through my head right now too. Honestly though, we'll make it work - people do it with less! Focus on the "needs" before the wants and be realistic with it. My dh and I have started budgeting for it now as if we are spending the extra money on diapers, etc. so that we are used to it when baby gets here. We have the money going into a savings account and will use that money to buy any extras that we need after the baby shower, tough months, etc.

  • I do at times because two in daycare is going to be really expensive. We do pretty well right now but I'm afraid things may get tough at times after I go back to work I hadn't planned on having LO#2 until after I finished my masters and got a raise which would easily cover daycare but I'll only be 1/2 through my program when DS arrives. I BF with DD and plan to do the same with DS but my milk started decreasing when DD was around 7 months and we had to supplement with formula so that could very well happen again.
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  • Definitely nervous. We weren't planning to get pregnant, so it is a big scramble to get everything in order. I'm sure it will all work out, though - it's just a matter of getting creative here and there and staying on top of things! 
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  • I have some days (like today) where I get freaked out, but I know it will be ok. I'm very fortunate to have a great boss who is going to let me work from home one day a week so that will help with daycare costs. PLUS, I work for the govt so daycare here is much less expensive - thank goodness.
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  • image sedo2480:

    I am.. we are not the best at staying on budget as is and I am really concerned about the extremely high cost of daycare in my area..I think the daycare costs are what scare me the most...

    Daycare is my biggest concern as well.  However, right now my husband and I have a fair amount of disposable income and we have a budget in place for the baby.  Our lifestyles are going to change considerably, so I know we'll definitely feel it.

  • I am concerned in a way. I know we'll be fine as we've planned and come up with a budget, but DH will be going back to school and watching the baby so he won't be able to work 40 hour weeks anymore. Our income is definitely going to be less, but we're fortunate to be OK with that. The only thing that really worries me is the few weeks of maternity I'm taking without pay. I don't have as much in savings as I'd like yet!

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  • I definitely am worried.  I found an inexpensive daycare that I really like and she'll only be there 2 days a week bc my MIL and my mom are going to watch her the other three days I'm at work.  We're also going to be BF'ing for as long as possible.  However, I'm worried because I make literally twice what DH makes at his current job and taking maternity leave is going to hurt us substantially.  We live in RI, a state that has temporary disability insurance, so I'll apply for that, but we might not get our first check until I've already been out of work for a couple weeks.  I also just had to get a new car that I wasn't really prepared for so that's another decent sized chunk of change every month.  We have to tighten up our expenses and go out to eat once or twice a month instead of my one night off from cooking a week, stuff like that.  We're not in bad shape, but it would be better if he was making more.
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  • Totally!!!  We bought our first house in April so now we have the dreaded MORTGAGE!!  We weren't trying but weren't not trying and are not the best at staying on budget either.  I have really high anxiety and was really really freaking out for a while...

    What it comes down to is that we can't know the outcome b/c of the way we live - if we were planners then we would be more prepared - but it WILL WORK OUT!!    

     You are not alone in your worries and we are here to help support your woes!! 

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  • Thanks guys! I have been looking on craigslist under childcare and have actually found a few right by where I work. They submit all info for drug testing and background checks, and I would be able to go feed Addie on my lunch break, as well as pump and take it to her. The ones I have found at $150.00 a week, so I can go back to work and it would actually make financial sense.

     It is just stressful with everything going on, and all of the changes within a short period of time. Glad to know I am not alone!

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  • Daycare is obviously the biggest concern for us as well. We saved for baby before we TTC and I also called all the DC's in our area so we would be prepared budget wise for that but it still is going to be our highest cost per month and I am still paying off SL's, so it will be tight until I'm done with those in 2 years.

    I also realized that I will be paying more to put my one kid in daycare than I paid for my college education (which for me including the cost of housing as well.) Indifferent


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  • image sedo2480:

    I am.. we are not the best at staying on budget as is and I am really concerned about the extremely high cost of daycare in my area..I think the daycare costs are what scare me the most...

    This! daycare scares me...we will make it work but it is not going to be fun! 

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  • Yes and no. For the first several years of our marriage, DH and I got used to a very comfortable DINK lifestyle where we could pretty much afford to eat out, travel, buy things we wanted and not just needed, while saving about 35% of our take home salary. DH went back to school about 18mo ago and I've pretty much been our sole breadwinner since then and our budget had to change pretty significantly. Fortunately, during our dual income years, we saved enough so that now we can afford whatever expenses will increase with the baby. I'm also getting a pay raise next year around when the baby is due that will pretty much cover daycare and DH is going back to work. I'm thinking about quitting my job and staying home, or working part time. It would be really nice to go back to dual incomes (which would mean we could replace DH's 11 year old two-door car, among other things), but I'm really starting to want to stay home with LO, at least for a while, and my current job is pretty fast-paced and not very flexible. We are also looking at buying a house next year so it would be nice for me to keep working to help cover that cost, but probably not absolutely necessary if we tighten up in other areas.

    In other words, budgeting is always a challenge, there is never as much coming in as I might like, but we are fortunate that all of our needs and many of our wants are covered.

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  • image LilyPotter218:
    I have my moments of worry, but DH tells me it will be fine. I have to trust him...

    This.  I know we will be fine.  Worst case, I'll go back to work earlier than planned.

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  • I honestly wasn't that worried, until my husband started stressing out about it. He's usually a pretty calm guy and not very worrysome...that's my department. So now that he's started panicking a little, I have too! But I know we'll be OK. We're both very good with finances, and although we'll be living off of one income for a while, we'll make it work!
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  • Yeah, I'm here. Honestly, we're not in a bad position. I've been substituting to pay for baby start-up expenses and to save some for when he gets here, but DH's income is sufficient to cover our expenses, it's just always a stressor for me. Mostly because I feel like we should be able to provide more for Liam than we are able to at this point in time. It's the American Dream...everyone wants to be able to give their kids more/better than they had, and although we weren't wealthy by any means, I had it pretty good, and I worry that I won't even be able to give him what I had with the economy the way it is right now.
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