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Everyone says "you'll never have enough money, so just have one already." I understand that, but I also want to be responsible. On the other hand, I am 30, so I don't have 10 years to save. This is what I need to know: if I plan to start trying to conceive in 1-2 years, how much money should I have saved for the 12 weeks I will have off before I have to go back to work (assuming that I will have to work)? In CA, the Family Medlical Leave Act mandates that an employer has to give the requestor 12 weeks of unpaid leave to bond with a new child. I think there is a separate law that allows for 6 of those weeks (or is it a separate 6 weeks?) in which the mother can receive disability pay at a fraction of her orgininal salary. Sooo... for those of you who have already done the math, or lived it, what's a good basic number? My husband will be working, but if our income and bills are the same as they are now, his salary alone won't cut it. I know we'll need money for the house payment, food, the regular bills, etc. but how much additional expenses (approximately) per month will an infant incur? Does this make any sense?
Do you know exactly what maternity benefits your job offers? I know my job did not offer paid maternity leave, but I was able to save my vacation and sick days and use those. I think I ended up with about 5 of the 12 weeks paid. (I ended up taking my 12 weeks of maternity leave, going back to work, and deciding I couldn't do it so I put my 2 week notice in and quit.) But some companys have better maternity benefits than others, I know a friend of mine just had a baby and is getting something like 80% of her pay for the 12 weeks. So it really depends on what your company will cover as far as maternity benefits.
As far as how expensive the newborn is, I actually found them to be less expensive than you might think. If you choose to breastfeed, that is free. Diapers are expensive. As far as baby gadgets like strollers, carseats, pack and plays, clothes, blankets, etc. I didn't have to buy hardly any of it. My side of the family, my husband's side of the family, and my office all threw me baby showers, so I got just about all of those things at my showers. I don't think I had to buy my son clothes until he was a year old because I got enough at my showers to last through the first year. And also, going to garage sales is a great way to get baby gear for cheap. People are always selling off their baby stuff and you can often times find stuff that is in like new condition. (Before I had kids I would have turned my nose up at the thought of garage sales, now I love them, LOL!) And also, I find that we spend less money on things like going out to dinner and going out, etc. now that we have a child. Also, I've cut out my expensive clothes, shoes, and purse habit I had prior to having kids. So of course a baby costs money, but it doesn't have to cost that much. I have found that having children naturally makes me cut back on other things I used to spend money on. Your priorities are just different. I hope some of this helps, and good luck in your decision.
How much do you make now in 12 weeks? That would be a good starting point.
Realize that if/when you go back to work, you can deduct the amount that you'll pay for daycare right off the top. Also, unless you are a very dedicated pumper and plan on pumping a LOT of breastmilk for the times that you're at work, you'll need to take off the amount that you 'll spend on baby formula (go look at the most expensive formulas at the store to get an idea... some babies need to be on Nutramigen, which is substantially more pricey than Enfamil). If you are not going to cloth diaper (probably impossible if you are using a daycare), then add in at least $10-20 per week for diapers and wipes. During your pregnancy you can stock up on onesies and sleepers, and people will buy you outfits/etc to get you through the first few months, so that's not really an issue.
As for all of the "necessary" baby gear, it's not really necessary, especially in the beginning. Musts include a carseat, bottles if you're not breastfeeding (or if you're pumping), a breastpump if you will be pumping, and a place for the baby to sleep... free is in your bed with you, expensive is a brand new crib. You don't really *need* a baby swing, playpen, exersaucer, bouncer, jumparoo, etc, but sometimes it's nice to have a place to put the baby down... for a brand new baby, probably a swing is your best bet. A sling is a good investment too. You can put all of those things on your baby registry, and people will buy them for you for your baby shower.
in short, you will need $5000 for the first year in formula and diapers alone. if you plan to nurse, still save some money for formula just in case--cause you just never know if you have enough milk, or if the baby will be able to nurse etc.
add to that whatever your basic bills are for 3 months--dont forget food and possible insurance payments. if you will need to buy furniture, clothing, etc--add that in also.
dont forget co-pay's for baby well visits. the first month alone, my son was at the dr's 3-4 times not just for well visit but for other minor things which i was freaking out about.
i just wanted to add something. i had loans, and i had insurance on them--if for any reason i was on disablitiy, they would pay for those months. well i ended up having to go on bed rest a bit early, and so i was out of work a total of 4 full months. i was paid for the regular 10 weeks total and besides that it was only a percentage of my salary--dont remember exactly. my loans were paid for those months luckily--something to think about
when i was pragnut i sign up for the family leave act . when i was working during the time i was pragnut i used it for the days i was sick . also i used 8 more weeks after my daughtler was born from delivering her by c-section.when i was on matunity leave i had 2 months worth of from sort term pay it was a certain persentage from my regular pay.
i just wanted to add something. i had loans, and i had insurance on them--if for any reason i was on disablitiy, they would pay for those months. well i ended up having to go on bed rest a bit early, and so i was out of work a total of 4 full months. i was paid for the regular 10 weeks total and besides that it was only a percentage of my salary--dont remember exactly. my loans were paid for those months luckily--something to think about
How did you get insurance on your loans? I might need to do that for student loans.
How did you get insurance on your loans? I might need to do that for student loans.
when i first got the loan i got "insurance", where you pay a few dollars extra each month. sort of like what credit card companies offer.
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So of course a baby costs money, but it doesn't have to cost that much. I have found that having children naturally makes me cut back on other things I used to spend money on. Your priorities are just different. I hope some of this helps, and good luck in your decision. 
