Financial planning before having a baby

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niedeckerlorine
niedeckerlorine Posts: 4 Newbie
in MoneySaving dads
Hello friends,
I and my wife is planning to have a baby. Please tell me what financial problems do generally people face as the family increases, and what strategies are applied to do extra savings.
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  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    As this is a UK site, you might be better off asking on an American forum.

    Information about benefits, etc, won't apply to you.
  • niedeckerlorine
    niedeckerlorine Posts: 4 Newbie
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    Well does this relate to any country, I asked the general question. What planning do people do before having their own babies?
  • Spendless
    Spendless Posts: 24,150 Forumite
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    edited 14 August 2016 at 10:15PM
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    Childcare costs forced me to give up my job. Some years ago I used to post on a forum that had mainly American users. They told me that quite a number of them don't get maternity pay over there.

    I'd plan for the costs associated with your partner stopping work for however long, the childcare costs when she returns.

    You may also want to take into account, the space you have for a baby, is it enough or do you need to move eventually and when.

    Other financial costs are things like pram, cot and any other equipment. Daily on-going costs are nappies and unless breast-feeding, milk and bottles.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    niedeckerlorine seems to have multiple personalities on other forums - if it's all the same person.

    Male, female, already has a baby daughter ......
  • niedeckerlorine
    niedeckerlorine Posts: 4 Newbie
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    The most we pay is quitting our needs and requirements, and get busy in caring our baby.
  • niedeckerlorine
    niedeckerlorine Posts: 4 Newbie
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    These are the basic requirements I guess, having pram or stroller which one is best to buy? Other things I have bought like feeding pillow, reusable nappies. I have not bought the cot, is it worth to buy?
  • Voyager2002
    Voyager2002 Posts: 15,284 Forumite
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    niedeckerlorine wrote: »
    These are the basic requirements I guess, having pram or stroller which one is best to buy? Other things I have bought like feeding pillow, reusable nappies. I have not bought the cot, is it worth to buy?

    I bought all that stuff from a local charity shop. The cost was very low.

    The main expense: medical fees and hospital costs for healthcare during pregnancy and the actual birth; fees for the baby to have a medical check-up and for the mother to be sewn back together afterwards; and of course all the injections that the baby might need. Don't be tempted to save money on those injections since if the baby gets ill and needs a doctor and drugs that will cost even more.

    Then you need to think about security. If you live in New York the baby might get kidnapped, so you should think about hiring a security guard. And since young children like sunshine and fresh air you should buy a place with a garden or move near to the park (and if you are going to be using the park then you definitely need a security guard).
  • anotheruser
    anotheruser Posts: 3,485 Forumite
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    Mojisola wrote: »
    niedeckerlorine seems to have multiple personalities on other forums - if it's all the same person.

    Male, female, already has a baby daughter ......

    While I don't always use the same username, I too have "multiple personalities"... I'd rather use a slightly different story depending on what I am asking about to stop people like you playing police.
  • ravsd
    ravsd Posts: 24 Forumite
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    I have two children who go to nursery 2 days a week. That costs me £650 aprox a month.

    My mortgage is £450 per month!

    As long as you cut back on the things you don't need then you'll find a way to finance your family. You have to
    We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com
  • Samsonite1
    Samsonite1 Posts: 572 Forumite
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    If you are in the US then medical costs will be huge on top of "normal" costs of a child, unless one or both of you have some decent insurance to cover it.

    Child care is the main expense for us - around £14,000 per year per child in these parts. Buying bits and bobs seems trivial in comparison!
    To err is human, but it is against company policy.
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