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    • AWPTheo
    • By AWPTheo 6th Jan 18, 6:21 PM
    • 34Posts
    • 54Thanks
    How much did you save before having a child?
    • #1
    • 6th Jan 18, 6:21 PM
    How much did you save before having a child? 6th Jan 18 at 6:21 PM
    So tonight my partner and I were talking about when the right time for children etc would be (a whole long way in the future most likely!)

    Our biggest worry is financial, and by our calculations to live at our current standard, buy all the recommended items and cover expenses, we would need to save £15k just to see us through the first year!

    How much did you all save before having your first child?
    Debts Jan 2018: £0/£1,200 personal loan, £39.48/£605.71 CC/SC Savings Jan 2018: £450
    2018 Challenges: Save £12k in 2018 #72 - £60/£2,400, Virtual Sealed Pot Challenge #17 £14.49/£100

Page 1
    • Lizabeth21
    • By Lizabeth21 6th Jan 18, 7:01 PM
    • 117 Posts
    • 137 Thanks
    • #2
    • 6th Jan 18, 7:01 PM
    • #2
    • 6th Jan 18, 7:01 PM
    We didn’t save anything. Once we knew our first child was on the way my husband started seriously budgeting knowing we would be loosing my wage.
    (30 years ago now!). Always had a budget which included savings when we could. Always re mortgaged at the end of the deal. Always moved money to get the best deals.
    If you wait till you think you can “afford” them .....
    • FreddieFrugal
    • By FreddieFrugal 7th Jan 18, 8:08 AM
    • 1,581 Posts
    • 1,685 Thanks
    • #3
    • 7th Jan 18, 8:08 AM
    • #3
    • 7th Jan 18, 8:08 AM
    We didn't save any amount especially, just have always saved.

    That said - baby hasn't cost us much at all. Obviously loss of income during maternity leave was the biggest hit. But in terms of purchases for him, he's not cost a huge amount.

    We had more money in the bank at the end of OH's maternity leave than we did at the start, and that's despite her being the main earner and taking nearly a full year

    You don't have time to spend money - at least we found - when you're looking after a new baby!

    He added roughly £10 a week to our shopping bill (it's much less now he's weaned)
    £15 a month to gas bill (because of the home being occupied all day)
    £20-£30 in clothes every 3 months (until 6 months old when sizes last longer)
    Travel system - £200
    Cot and wardrobe - £250
    Carrier - £15
    Books - mostly gifted and also use library
    Toys - less than £100
    Bottle feeding stuff - £200

    But remember people gift you things and we got mothercare vouchers given from work which we used on the bottle stuff

    So all of that added up is not a huge amount and a lot of it is one offs

    "Your current standard" may be the thing that has to change if you're finding yourself with a huge amount to cover.
    Last edited by FreddieFrugal; 07-01-2018 at 8:21 AM.
    Mortgage remaining: £43,140 of £77,000 (2.59% til 04/18)

    Savings target July 17 - £17,960 / £28,000
    • comeandgo
    • By comeandgo 7th Jan 18, 8:34 AM
    • 1,895 Posts
    • 2,580 Thanks
    • #4
    • 7th Jan 18, 8:34 AM
    • #4
    • 7th Jan 18, 8:34 AM
    I had two children in two years. Never saved anything up front, I worked a couple of evenings a week until I got back to full time work when youngest was five. We just cut our spending back.
    • GwylimT
    • By GwylimT 7th Jan 18, 8:45 AM
    • 5,993 Posts
    • 11,137 Thanks
    • #5
    • 7th Jan 18, 8:45 AM
    • #5
    • 7th Jan 18, 8:45 AM
    As we knew we wouldn't have my wage for at least a year when children came along we prepared by living on my wifes wage as that is what we would be doing when a baby arrived. That way all of my wages were set aside as an emergency fund, it was two years before our daughter arrived so we had two years of my wages squirreled away.
    • jackieblack
    • By jackieblack 7th Jan 18, 8:48 AM
    • 7,504 Posts
    • 10,664 Thanks
    • #6
    • 7th Jan 18, 8:48 AM
    • #6
    • 7th Jan 18, 8:48 AM
    Same as most of the above... No savings, just adjusted our budget to our new circumstances. We had been living on one wage and using the other to renovate our house (a doer-upper was all we could afford) so we didn't have a very consumerist lifestyle with frivolous spending beforehand so didn't have an expensive 'current standard' to keep up nor feel we were missing out.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • LavenderBee
    • By LavenderBee 10th Jan 18, 2:07 PM
    • 109 Posts
    • 174 Thanks
    • #7
    • 10th Jan 18, 2:07 PM
    • #7
    • 10th Jan 18, 2:07 PM
    Same as the above really - I'm not going back to work at all so we're actually planning a more permanent lifestyle change, which is partly made doable due to having to move for Hubby's work anyway (which we receive financial help for, but also gives us the opportunity to downsize our unnecessarily large home in the South East for something more practical, somewhere cheaper). We will be downgrading some things such as getting rid of the second car (don't need it since I'm not commuting for a few years), and knocking our regular city breaks on the head.

    I've drawn up a spreadsheet of what we need for our baby (it's our first), and in researching costs there are wild variations. Branded prams are more expensive than my first car (and my second for that matter...), nursery furniture from some designer retailers is beautiful, but 5 times the price of Ikea. You spend your money where you like really. I'm desperately hoping I can breastfeed so won't be wanting much in the way of feeding equipment, and plan to cloth nappy and wipe, so hopefully our ongoing expenditure when baby is little will be minimal (though the latter is a large initial outlay).

    On a personal note, I'm also downgrading my toiletry and cosmetic choices and ensured I don't need anything new in my wardrobe!
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