How much do babies cost?

fattyc

We are thinking of trying for a baby, but at the moment do not have much savings. How much do you reckon you would need in the bank to be able to cope financially with a baby? Should we wait a few months and save up first?

Lynn11

I would certainly have a bit of money behind you if you can,if not you will get by but it expensive for formula milk, nappies everyweek when you only get90% of your salary for 6 weeks and the remaining 33weeks you will get the standard mat paywhich isroughly £108 I think. Thereafter you haveto decide if you can afford childcare whilst you go back to work or if you can survive on one salary.

fernliebee

I think it's one of those things that there are so many different ways of doing and everyone will have their own way. The most expensive part is the time off work you will have. The rest you can do for as little or as much as you want.

Personally we had no savings and we are getting by just fine. We got mostly second hand baby stuff, I breastfeed and use washable nappies to save money (amongst other more important reasons ) I'm not going back to work and it will be tight but in my opinion well worth it. The way I see it babies aren't too expensive but as they get older they get more costly so if I have the time at home with them when they are small I can go back to work when they go to school and then we will be back on two wages and more able to deal with the financial side of having older children (best laid plans and all that I know )

Everyone has different ideas on this and in an ideal world you would have savings, but we personally wanted to have children young(ish) and didn't want to wait until we were much older and financially secure (horses for courses). If you waited for the 'perfect' time you would be waiting forever IMO!

fattyc

Thanks for that. I suppose if I do get pregnant soon, then we have 9 months to save up!

jo_b_2

fattyc wrote: »

We are thinking of trying for a baby, but at the moment do not have much savings. How much do you reckon you would need in the bank to be able to cope financially with a baby? Should we wait a few months and save up first?

It's a 'piece of string' question really! Having a baby can cost as much or as little as you let it, to be honest!

The biggest financial issue is the loss of one salary when you (or your partner) is on maternity leave and beyond. The actual costs associated with a baby can be minimised and you can be really frugal and get the whole kit and kaboodle on a budget. As I say above the difficulty is just learning to manage on one salary for as long as you need to. You will receive child benefit and most families qualify for Child Tax Credits which is at a higher rate for the baby's first year.

Personally, I'd try and save up as long as you can to help cushion that period. The last thing you need is money worries spoiling the first few months of your children's lives, if it can be helped!

There are a few articles on the site relating to Baby and Childcare moneysaving so they might be useful reading for you. Good luck with whatever you decide!

Eccle_2

The main financial impact is the loss of income unless your work has a very good maternity package. How much a baby costs varies, you can get things second hand or from family and friends which would save some money. Then have a look at costs in the shops for nappies (you get through a lot! reusables can save some money).

gazza975526570

Yup - loss of the second income.

You do find a way to cope with it although if you currently have an active social life it may be a bit of a shock!!

In fact this site has probably saved/made me £10,000 since i joined

Brooker_Dave

fattyc wrote: »

We are thinking of trying for a baby, but at the moment do not have much savings. How much do you reckon you would need in the bank to be able to cope financially with a baby? Should we wait a few months and save up first?

Babies don't really have to cost much.

If you are a bit skint you can buy used equipment (we didn't but wished we had when we saw some of the mint stuff we could have had), use reusable nappies and breast feed (free food!!).

Plus you get a load of hand outs just for having a sprog so I would not worry too much about cash.

Debt_Free_Chick

£32m according to Madonna

Crabman

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july73

As one other user said 'how long is a piece of string' but just a few ideas and tips after having 2 of my own. So learn from my mistakes;)

loss of your earnings is probably the one that will hit you hardest. Maybe try and use your earnings to pay of debts so you get used to living without yours. It will also help lower outgoings when baby arrives. That's if you have debts to clear. If not use that as your savings.

When you have your first and I'm sure most of us have done the same, You buy everything because you think you need it. I had a mosses basket, crib and cot. Only really used 2 out of the three. I had pram and car seat, but hardly used the pram and only for my baby to sleep in because it detached from the wheels. So could of done without the mosses basket too. Hope that makes sense. Don't be taken in that you need all this fancy stuff. you don't. And buy second hand.........Most new mums (me included, but have now learnt) want new for our first, but all they need is food, warmth, protection, you and Lot's of love. Wish someone had told me that, because I would of saved a fortune. Of course you will need certain material things, but just think before you buy, Do I really need it!!!!!

Make sure you sign up for all the vouchers from pampers, huggies etc, It was a real help.

We had no savings and had just bought a house, so money was very tight when we had our first, despite spending on things we didn't end up using. We got through it OK. Now there both in high school and were probably finding things harder now than we did back then:eek:

Best of luck to you