Saving before starting family?

Rebekah24

Anyone else currently saving for baby or starting a family??

I have just had the implanon fitted, so will be at least 3-4 years

Really just wanting to know if anyone else is saving up and what sort of sum is reasonable before TTC- 10K, 20K or even more??:eek:

We are in the process of sorting moving, so its save save..save..

Thanks in advance guys, did a search but wasnt an exact thread for ppl saving for baby!

TTFN xx

freda

The main costs of a baby are the loss of income when you are on maternity, and also if you decide not to go back to paid work, or do part time paid work.

So, you need to do a budget working out how much you will need to reduce your mortgage by to afford the payments with one income, or save enough that you can supplement your income from savings for the time you are on maternity leave.

The upfront costs of a baby don't have to be high, as you can get almost everything (cots, clothes, highchairs etc) from freecycle or as hand me downs. However, if you are the sort of person who would like to decorate a nursery and have brand sparkling new cots, pretty new bedding etc then you will have to look at the costs of that and save up.

The ongoing costs of a baby are fairly low in the first year or so - you need to budget for nappies (cloth is cheaper but you have to stay on top of the washing), milk and bottles if you are not breastfeeding (a lot of mums switch to formula, don't assume you'll be able to breastfeed), you'll need a new mattress and car seat.

Hope this helps. Its forward planning that makes the difference - think where you want to be when you have a baby and plan for that.

elliebobs

As with above; we're PG with our first and have budgeted for the loss of one income as the £20 child benefit and £10 tax credits we will receive won't even scratch the surface!. Everything else is either free or bought at friends and family rate.

HappyLottie

Hi,

I'm thinking a lot about this at the minute too. I agree that the main reason to save is for loss of earnings whilst going part time/ giving up work as the items needed (or wanted) for a baby can be sourced in a money saving way!

Ideally I am aiming to save 10k on top of current emergency/ general savings.
Also you may need to take into account the number of children you want, moving house and future costs such as schooling.

If anyone has any particular tips please let me know as I'm already feeling broody!

Lottie x

Rebekah24

Thanks guys, 3 years should be plenty of time to save then!

Just the 1! my oh already has 3 grown up kids

Loss of income for a few months then I suppose, isnt so so bad.

Cheers guys

msb5262

Loss of income for a few months then I suppose, isnt so so bad.

Quote from Rebekah24, post #5.

It's not quite that simple! I have three children and I can assure you that the financial aspect is more than just loss of income for a few months.

My children are a source of great joy and pride to me, but financially they cost me very dear. Since their arrival, costs have included...

nappies, constantly outgrown clothes (passed on where appropriate), house kept heated and lit throughout the day when I was previously at work, childminding costs, nursery fees, school uniforms, school dinners, school travel passes (currently paying £165 per term for DS1 and £140 per term for DD just for this), sports kit, subs and uniform for Brownies/Cubs etc, school trips....

I'm not complaining, just want to give you a clear idea of what will be involved if you have a child.

The child benefit, tax credits etc will not totally defray these costs and you will probably find that your career prospects aren't improved by going on maternity leave. Similarly you may find yourself stressed by having to take time off work if your child is ill, and your employers may not be very happy about this.
Sorry if this is depressing but most women will agree it's probably the case.

Having said all that, I don't think that money should be your main concern when thinking about having a child. Obviously try to do some financial planning but don't let that rule everything!

MsB

Rebekah24

Thanks MsB for leaving an honest account on the issue, god I know how exspensive they are... lol just stepkids are exspensive enough

this is why I thinking, not to even think about TTC without 20k minimum saved. Money really is the issue!!

Thanks, that really helps, crikey.. I need another savings account lol

louise3965

oh heck I know this isnt very mse but I would stop stressing so much about the cost of a baby and start thinking about getting on with it! Noone can ever afford a baby but though its admirable that you are considering money, putting it off for 3 years before you even start thinking about ttc smack of overkill to me.

Rebekah24

Have now had the implant fitted after miscarriage, so.. 3 years at least

Thanks so much for the kind responses