How much should be saved before having a baby? (fertility, pregnant, parents)
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So my husband has some serious baby rabies. I want kids too, but I'm concerned that we're not prepared enough to have a baby right now.
I'm 24, he's turning 30 in two weeks. Together, we'll have $45K saved up by the end of this year. No debt. He earns $100K a year, I earn only $40K (I work with non-profits and love my job, but there are drawbacks such as this lol).
I think we should have at least $100K-200K saved up before starting a family, because babies are expensive. What if something goes wrong, in my pregnancy, delivery, or with any of us healthwise? We have insurance, but what if it doesn't cover everything in an emergency?
Also, what if I have to take time off work because of debilitating morning sickness during pregnancy (my mother had it really bad with me), or because I can barely move towards the end of the 3rd trimester due to aches and being too bloated with an enormous baby bump to do anything but roll? lololol. (I was 11lbs at birth)
And hubby wants me to stay home with the baby until it's school age. So I may not be able to contribute much once I get pregnant. I'll try to work from home, but legit work from home jobs are hard to find.
For that, I think we need to be much more prepared before having a baby. I don't want us to be unable to provide for the child. Hubby thinks we'll be just fine, but I want to make sure we plan things responsibly.
How much do you parents estimate would be a good goal to save up BEFORE conceiving?
You are FINE. Go ahead and get pregnant. As for expenses, just dont spend money frivolously or foolishly. The baby doesnt need a fancy nursery. A crib. A car seat. Some clothing. Hand me downs are great. You are in great shape. Go ahead.
You just confirmed what Hedgehog_Mom said. Don't have this baby because you're not ready.
Times 3! Your husband wants you to stay home with the baby? You did not say that you wanted to stay home. You listed some really unlikely scenarios as if you were madly searching for reasons not to have a baby yet. So, what if you wait and something goes wrong with your body that will make it impossible for you to have a baby at all? The older you get, the less fertile you will be. If your husband ultimately wants things that you don't, you better have the talk now.
There isn't a set amount one should save before having a child. Of course you will have some medical cost during pregnancy and delivery, but that can vary widely mostly depending on your insurance. I think our total cost was somewhere in the neighborhood of $2000.
I would assume you want to beginning saving for college so take that into consideration. I started an account a few days after she was born and add to it monthly in addition to as we can from time to time.
You'll need a furnished bedroom for the baby which can also be whatever you are wiling/want/can afford to spend.
After that, it's mostly food and diapers, and clothing. Other than that, it's all about what you want to buy for the the child. In other words, or as least my words, how much do you want to spoil him or her.
Our little one is now eight years old. If i had to sit down and figure how much she cost us on things we have to provide for her monthly, I would say somewhere in the neighborhood of $300 a month. Maybe less.
Now if you ask me how much more we choose to spend on her? Some months can be very little. Other months? Well, let's just say that she rarely wants for anything very long no matter if she needs it or not.
OP, you are too young. Perhaps it's best if you postpone the baby until you are ready to list down all the reasons why it would be great to have a baby.
While finances play a big role, the preparedness of parents play a major role in the well being of the child. There will be sleepless nights etc. having a baby takes up 24 hours of the day (it should for all the right reasons).
Having said all this, my mom had me by the time she was 22 and she did a great job in bringing me up. So maybe 24 isn't too early after all. But like others said, if you have any plans to go to Antarkatika/ Africa/ buy a house etc...doing all this before the baby would be ideal.
Well, if everyone waited until having 100K-200K in savings before having a child the US population would be shrinking real fast. Very few people can have so much wealth accumulated in their 20's or 30's, and by the time you turn 40 you are working against that biological clock.
Finances are not even the most important thing to consider when having a child in my opinion. They are important, yes, and I agree a steady source of income is a must. But other than that, a child can be just as happy growing up in a lower-middle class family than in a rich one.
More important factors are stability and maturity. Is your relationship with your spouse solid and stable? Are you mature enough to live within your means? Are you ready to start dedicating a significant amount of your time to caring for another human being? Are you ready to having to sacrifice some things you may want for things that your son or daughter needs?
Love, family and stability are what makes children and families happy.
At least a year's expenses - ideally a year's salary. While others have said that some of the things on your list are far fetched and just searching for a reason not to have a kid, I've living proof that sometimes those far fetched disasters occur. And when they do, they tend to compound one another.
You're very young. I'm only a few years older than you in Boston and it would be consider early to be even married at 24, much less considering a baby! I find that those who say "Go ahead and do it!" and "There's no right time!" are generally not contending with San Francisco, NYC, Washington DC, or Boston area rents or housing prices.
Others had good suggestions. Live on your husband's salary for a few years and bank yours. Travel as much as possible. Focus on your career to build skills that you can keep sharp even if you do take a few years out of your career. Give yourselves 3 or 4 years to get established and you will *still* probably be one of the youngest moms on the playground. Don't worry!
Interesting point. If you are worrying about whether you have enough money to have a child, when you guys are clearly in an excellent financial position, with savings and father with a very good income, then the translation is that you are just not yet ready to have a baby, finances aside. You need to tell your husband that, and give him an idea of when you think you will be ready. And if you don't want to have children at all, you need to tell him that, too, and deal with the consequences.
The OP and her husband are way ahead of where most people are financially when they start having kids.
That said, if you really want to go on some exotic trips, I would get those away before having any children. Trying to travel with young children isn't really fun.
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