The ideal amount of £ for having kids?

Raini

Hello All :wave:, Sorry if I'm in the wrong place or if this has already been covered - looked couldn't find what I wanted!
Anyway, I'm trying to get myself out of debt but as soon as I've done that (hopefully next year) my OH & I want to start saving for our wedding & also savings for when we have kids. I realise that you'd probably spend everything you have on your kids so really there isn't an "ideal amount" but I was thinking if I could save enough to top up my maternity pay to my normal wages for a year would that be a good place to start? Also, for a ball park figure what would be a good amount for kitting out a home / nursery etc? I would plan to buy almost everything new but the cheapest I could.
So:

1. Ball park set-up costs?
2. And do I need to save a top up for my maternity pay?

Thanks for reading :beer:

tessie_bear

wow...your very organised...when dh and i had our first baby we had savings of £0...nowt i did get maternity pay....i suppose if u have debts (we didnt) u need a certain amount coming in but as the maternity pay went down we just had less money and did our best with what we had.iyswim......as for how much u need to have to buy equipment...id get a catalogue such as argos or mothercare or babies rus and see what u think u would need and price it up.....we got a cot pram moses basket all reduced in babies rus because they were last years colour.....u can pick up bargains as u go along..........i hope that helps good luck

Pee

If you work out how much maternity pay you'll be entitled to, can you live off that with the balance of your wages going into a savings account and maybe some used to pay off debts?

I would want a couple of thousand as savings in case there was any problem with the baby, going back and fro from the hospital etc. I have a friend that happened to and it was all ok, a cleft palate, but the expense of going to a specialist hospital all the time was a real strain.

Silverbird

http://forums.moneysavingexpert.com/showthread.html?t=1698787&highlight=cost+baby

This may help, as a similar question was asked recently.

I don't know, as we've not had children yet, but as a previous poster has said - £1,000 to £2,000 would be our ideal savings before a little one came along, but only 'just in case'.

Can't wait until we're debt-free so we can start saving and trying!

Glamazon

When I got pg I had nada saved :eek:
5 months later I have £1800 which I will be using to top up my SMP so I can have as much time off as possible.

I bought almost everything second hand but in fantastic quality. Have prob spent less than £200 on everything from new cot to second hand pushchair.

Sirbendy

We're expecting..I have savings, as does my OH..we both have ISAs too, but TBQH, I'm taking the entire thing as an "MSE"'esque challenge. I've seen kids that have passed through the school I work in do it (some in year 9...!)..I've seen long-term unemployed single mothers do it..I'm sure I/we can do it.

Some cheeky get asked if I could afford children "on my wage" the other day..I laughed and laughed.

Off topic, but if anyone's based in Telford and looking for a pushchair or double chair, there's 1 of each outside the hardware/odds and sods shop in Broseley, by the chip shop that exploded a few months back...I saw "£10" on the single chair..couldn't see a price on the double though.

MaximumImpact

Speaking from experience....don't start planning on having x amount of money to have a baby...you'll be waiting forever!!

Concentrate on having a job that gives good benefits and good maternity pay and you'll find that you will manage!!

Due to friends and family hand me downs and gifts, myself and DH have had to buy very very little for DS!

Honestly, they say having kids is expensive, I totally disagree. If you are sensible and don't buy every must have gadget, use washable nappies, breastfeed and when ready cook your own purees etc you'll find that the only thing that you need spend on baby is time!!!

Good luck!

Raini

Thank you all for your replies. Really helpful & I'll be looking at the other thread.
I plan not to have any debt & it's not that I wait until i had x amount before trying for kids I just like to plan!!
OH has just come home & apparently it'll be fine because we'll be "given everything at one of those baby shower thingys"!:rotfl: OH is clearly far more laid back than me!!

Thanks again:beer:

Sirbendy

MaximumImpact wrote: »

Honestly, they say having kids is expensive, I totally disagree. If you are sensible and don't buy every must have gadget, use washable nappies, breastfeed and when ready cook your own purees etc you'll find that the only thing that you need spend on baby is time!!!

Good luck!

here's hoping. Some things like moses baskets were eye-wateringly expensive..yet Argos do then at £40. Cots..Ikea do cheap and solid. Clothes are a nonissue..we've had so many little people in both families, I can't see that being a factor.

Breastfeeding..OH is planning on. Own purees etc I'm going to try and make. Mobiles..well, nonissue, make my own.

Might try an eBay raid too.

choccybuttons

Hi

I my baby is 8 months so just been through this. We saved to top up my maternity leave to norm wages and its worked out brill as had the same standard of lifestyle. Babies dont have to be expensive as we got most of our stuff second hand and its perfectly good. I would prob rec having a couple of thousand to buy all those essentails like nursery furniture, pram, decorating nursery, car seat etc.

Glamazon

Sirbendy wrote: »

here's hoping. Some things like moses baskets were eye-wateringly expensive..yet Argos do then at £40. Cots..Ikea do cheap and solid. Clothes are a nonissue..we've had so many little people in both families, I can't see that being a factor.

Breastfeeding..OH is planning on. Own purees etc I'm going to try and make. Mobiles..well, nonissue, make my own.

Might try an eBay raid too.

Moses basket - £4 car boot :money: In excellent condition and has a rocking stand. You can normally pick them up for about a tenner - I am a bargain Queen though There is an eBay seller who does very reasonable BNWT mattresses for moses basket (£8 inc P&P) and cots (£50).

Got my Cotbed in Argos sale - £210 down to £99. Well MIL paid

I picked up a pushchair for a fiver!

I have been amazed at the stuff you can pick up at car boots, I am a bit of snob and wouldn't buy anything that wasn't in good condition. I've got baby clothes for 20p still with tags on!!

I've been picking up pieces since 12 weeks so have spread the cost.

As long as I can Breastfeed this will be one serious MSE baby! :money: