"Financial Security"

Re: "Financial Security"

• neesie3173

  April 2012

  I don't think anyone really ever feels financially ready for a baby. Somehow, things always work out though. DH and I are doing pretty well, but still freaking out at the idea of paying for day care. We know we want to start putting a little away each month for baby, but would also like to see our retirement $$ grow, we have about 18 years left to work. Point is, if everyone waited until they felt financially prepared for a baby, the population would die out pretty quickly. 

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• ssmb_clarinet member

  April 2012

  That is so true! Which is part of the reason DH and I decided not to wait until we were financially ready, otherwise it would probably never happen for us. I always hear people saying they need so much in savings or zero debt before even thinking about getting pregnant, but like you said, a little worry will always be there no matter what. I guess we will see what the future holds once the little one arrives!

  

  
  

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• roxyfoxy85 member

  April 2012

  Our DS was a surprise and while we were fine, we were definitely worried about money. We paid the hospital bills over time and one bill we paid off in full and they gave us a 10% discount (don't be afraid to ask!!). I BF DS so we didn't have to worry about formula, I used coupons like crazy for diapers and wipes and a new baby means a baby shower and gifts! Hit up consignment sales and garage sales for bouncers, strollers and gear that still has lots of life left. Also, my SIL gave good advice about formula, sign up for EVERY formula brand's mailing list. Every brand so you can try out different brands to find what works for your LO. They will send you checks and coupons that will come in handy. It will work out!

  

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• Nericole

  April 2012

  Eric and I are fully confident in our financial security.  We know that everything is going to work out!

  When we got married, Eric's mom would always make a big deal about him not having a job and getting married, and I would always make the point: "If he loses his job in the future, should we get a divorce and remarry once he's working again?"  

   

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• CarolinaGirl82 member

  April 2012

  I felt pretty good financially until we found out it was twins.  Now I'm freaking out a little bit, but trusting that things will work out.  My two biggest bits of advice are 1) create a budget to track every single penny you spend.  I've found ever since I started keeping an excel spreadsheet and have to enter all of my expenses, I spend a lot less and my impulse shopping has dwindled.

  And 2) put something directly into savings, or even better an investment account, every month then don't touch it.  If you have it taken directly from your paycheck, you'll never see it and never be tempted to spend it, and almost everyone can afford something.  It'll add up, and be very handy come college or wedding time for our little ones!

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  IT'S TWINS!!!

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• Westing18

  April 2012

  With our son we were very nervous at first but while pregnant we started to get stricter on your budget and totally live the "Dave Ramsey" life style (if you haven't heard of him I highly suggest looking him up, we now teach the class at our church) While I was pregnant we put so much money in our baby envelope and we only bought stuff for the baby with that money and anytime we made extra money by selling stuff or from a garage sale that money went in there too.  We bought used when we could, I sewed all the bedding, we cloth diapered, I am self employed so I don't get paid time off so I was only able to take 2 weeks off of work but luckily I do in home daycare so my son was able to still be with me.

  Everything will work out, just start putting away as little as $10 a week and it will add up.

  Now with baby #2 we are way more set because we still put money in a baby envelope and I will be able to take 2.5-3 months off work!

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• sdwyer0202 member

  April 2012

  This topic is absolutely terrifying to me. We both have pretty good jobs, but neither of us is making 6 figures. We are in a really good position right now financially, but thinking about child care, and the massive expense there alone often scares me to tears. My daughter is 12, and I was so happy we were finally in a position to provide all of the fun stuff she's getting into as she grows up, but taking on the costs of a newborn is so overwhelming.

  

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• acousticchick18.defunct635774992233236598 member

  April 2012

  +1 on the Dave Ramsey method!  If you haven't read his book Total Money Makeover, I highly suggest that you do soon! 

  Also, many people have said to me over the years that "you never feel fully prepared, but you make it work because you have to"... once you have your beautiful baby in your arms everything has a new perspective! 
  

  
  

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