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That's the truth...between fundraisers, activities, school supplies, etc. It certainly does add up, and it's foolish to think that kids don't "need" much. As they grow, they want to do activities like their peers or participate in various fundraisers. There seems to be dues for everything.
But those expenses are WAY down the road. These are not expenses the OP will experience during the baby's first year. Since the OP and her husband will be done with their education and starting their careers, they will definitely have the money in the future for the additional expenses that come as children get older. They are educated people who will have professional careers, and it sounds like they are financially responsible too. I don't understand why people are acting like they won't be able to afford to start their family when she's done with student teaching.
But those expenses are WAY down the road. These are not expenses the OP will experience during the baby's first year. Since the OP and her husband will be done with their education and starting their careers, they will definitely have the money in the future for the additional expenses that come as children get older. They are educated people who will have professional careers, and it sounds like they are financially responsible too. I don't understand why people are acting like they won't be able to afford to start their family when she's done with student teaching.
We're out of the baby stage...except for my 2 year old who refuses to potty train. My kids just seemed to grow so quickly and now they're so much more expensive and they grow out of clothes almost monthly! In looking back at the baby stage, we were lucky to have Costco and Sam's memberships and we bought baby items in bulk, which helped. Our insurance seemed to go up every year, but since it's a necessity, we didn't think much of it.
We had tight times, sure, but we muddled through it, and know that the little luxuries we have now (like eating out on occasion) are just that-little luxuries. I made excellent use of resale shops while the kiddos were young. Babies don't care what they wear. The only things I never scrimped on were car seats. I agree, the OP sounds very responsible and I applaud her furthering her education-I wish I would've when I was younger.
The only other thing that is really costly for babies is quality child care, if both parents are working. I remember thinking that it might just be easier for me to stay home, for I would be working just for day care.
I think this is the ideal situation for your circumstances. If you can afford to live on one income while student teaching, you can afford to stay home with your baby after student teaching is over. You won't be losing money, like you mentioned in your first post. because you won't be having to pay childcare if you deliver your baby after student teaching is over.
With this plan, you have 1-1/2 years to save for the additional baby expenses that you'll have while you stay home with the baby before you start working. If you save 5k to 6k and plan to stay home for 6 months, you'll actually have plenty of money left over because it doesn't cost 1k a month to care for a baby when you don't need childcare.
Furthermore, you can postpone your student loan payments for a period of time after graduation until you secure employment. Depending on income, your husband might also be able to temporarily suspsend his student loan payments by applying for hardship deferment during that time period too since he will have two dependents.
Speaking of student loans, I know many students who take out student loans to cover living expenses while attending college. You could consider taking out a student loan and banking it to cover your addition expenses for diapers and formula during the period of time you are unemployed taking care of your baby between student teaching and starting your job.
She already said she plans to work. She said she's "getting a master's degree and plans to use it."
Please don't think your education won't be used if you are a stay at home Mom. I have an MBA and used to feel that way but as our lives go involved with investments and my kids got older I was using my education every day.
Any amount of education will be imparted to your kids and you will know you reached a very important goal.
She already said she plans to work. She said she's "getting a master's degree and plans to use it."
I think it's pretty clear in my posts that I'm aware of that. I was addressing her concern about "losing money" paying for childcare during student teaching by pointing out that the period of time after student teaching and before she starts working is the PERFECT time for her to be off on "maternity leave." If you read the rest of my posts, I make it clear that there definitely won't be a loss of income once she starts working, even though she'll have childcare, because her income will increase dramatically when she starts working as a teacher (compared to working part time or working for free as a student teacher).
There is no perfect time but if finishing her degree is something that is important to her (which she has indicated it is), then it would be wise to finish that prior to becoming pregnant. Simply because, once that's done it's done. If she were to have to go on bedrest or something, that interruption, followed by caring for an infant could easily derail those plans. Not saying it "can't" be done but if she is this close and only in her mid 20's, she may as well finish one goal before starting another. Not to mention, once you are out of school those student loans become due regardless of whether you actually graduate.
I think it's pretty clear in my posts that I'm aware of that. I was addressing her concern about "losing money" paying for childcare during student teaching by pointing out that the period of time after student teaching and before she starts working is the PERFECT time for her to be off on "maternity leave." If you read the rest of my posts, I make it clear that there definitely won't be a loss of income once she starts working, even though she'll have childcare, because her income will increase dramatically when she starts working as a teacher (compared to working part time or working for free as a student teacher).
There is no perfect time but if finishing her degree is something that is important to her (which she has indicated it is), then it would be wise to finish that prior to becoming pregnant.
Agreed. I'm not saying she shouldn't finish her masters first.
I'm assuming her masters will be done when she completes her student teaching.
Since she already has her bachelors degree, I think she is obtaining her teacher certification via a masters program.
Her indicating that she thought she needed to wait 2 years so she's not pregnant during her first year of teaching was also a clue that lead to my assumption.
As a result, I think she has one more year left for her masters. I based my 1-1/2 years to save on a masters graduation in Spring 2011.
If she plans a delivery date for the summer of 2011, she could have her "maternity leave" after student teaching and before the start of a teaching job.
Maybe I'm wrong about the exact dates, but the OP indicated that she didn't think she could afford to have the baby between student teaching and working.
Thats' why I pointed out that she most certainly could afford to stay home with the baby between that period if she could afford to not work during student teaching.
That's the overall point I'm trying to make: that the ideal time would be to have the baby BETWEEN finishing her masters and starting her new job as a teacher.
Quote:
Originally Posted by rkb0305
I guess it wasn't all that clear...
It wasn't clear that I knew the OP plans to work?
Quote:
With this plan, you have 1-1/2 years to save for the additional baby expenses that you'll have while you stay home with the baby before you start working.
Agreed. I'm not saying she shouldn't finish her masters first.
I'm assuming her masters will be done when she completes her student teaching.
Since she already has her bachelors degree, I think she is obtaining her teacher certification via a masters program.
Her indicating that she thought she needed to wait 2 years so she's not pregnant during her first year of teaching was also a clue that lead to my assumption.
As a result, I think she has one more year left for her masters. I based my 1-1/2 years to save on a masters graduation in Spring 2011.
If she plans a delivery date for the summer of 2011, she could have her "maternity leave" after student teaching and before the start of a teaching job.
Maybe I'm wrong about the exact dates, but the OP indicated that she didn't think she could afford to have the baby between student teaching and working.
Thats' why I pointed out that she most certainly could afford to stay home with the baby between that period if she could afford to not work during student teaching.
That's the overall point I'm trying to make: that the ideal time would be to have the baby BETWEEN finishing her masters and starting her new job as a teacher.
It wasn't clear that I knew the OP plans to work?
This is fairly accurate . I will be graduating December 2010, however (yes, the end of this year!). And, we will actually be losing money every month that I am NOT working (when I am student teaching). I have some money saved from student loans that I plan on living on for the few months I will be student teaching.
I agree that the ideal time does seem to be between graduating and getting an actual job, but the point is that we will still be losing money and wouldn't be able to pay for all our bills. So I guess I sort of answered my own question of how we would afford it... basically, we wouldn't be able to.
This is fairly accurate . I will be graduating December 2010, however (yes, the end of this year!). And, we will actually be losing money every month that I am NOT working (when I am student teaching). I have some money saved from student loans that I plan on living on for the few months I will be student teaching.
I agree that the ideal time does seem to be between graduating and getting an actual job, but the point is that we will still be losing money and wouldn't be able to pay for all our bills. So I guess I sort of answered my own question of how we would afford it... basically, we wouldn't be able to.
Honestly, I think you are living above your means if you can't afford the living expenses on one salary as a married couple without children. What if one of you died? Do you really need two new cars with car payments?
Consider this. Since you are graduating in December 2010, you could work part time until a teaching job starts in the fall of 2011----in the evenings when your husband is home to watch the baby so you don't need to pay for childcare until you start working full time. Working part time is paying the bills now. Something to consider.
The actual costs of a newborn during the first year are diapers, formula (if you don't breast feed), clothing (minimal IMO), and copays for doctor's visits and prescriptions. Estimate those actual monthly costs and you'll have an idea of where you need your finances to be.
I'm not trying to push you to have a baby. I'm just tossing out ideas for you to consider.
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. I will be graduating December 2010, however (yes, the end of this year!). And, we will actually be losing money every month that I am NOT working (when I am student teaching). I have some money saved from student loans that I plan on living on for the few months I will be student teaching. 
